4 Considerations Before Choosing a Bank or Credit Union.

There are many financial institutions to choose from today making it difficult to decide which one to park your business banking relationship. It is important to ignore opportunities for a free t-shirt or toaster when selecting a financial institution. A business banking relationship is more important than a free gift. (The gift is a perk.) Here are some consideration when choosing a  bank or credit union;

  • Proximity to your business endeavors. Are you an international company or local? Are your customers international, national or local? How often do you plan on going to the bank?
  • Does the bank offer the products and services that will help your business today and in the future? Don’t choose a financial institution that will be unable to meet your growing needs.
  • What will be your credit needs? What does the bank or credit union expect of your business in order to credit qualify now and in the future? How wise is the institution in credit decisions? Will they be around to weather economic storms with your business?
  • What will be your deposit needs? How much money do you expect to carry in the accounts? How will you handle receivables and payments? What is available via mobile technology and online banking?

Here are just a few examples of questions you should ask yourself before parking your business deposit and credit relationships. Once you find the right financial institution you must tackle a more difficult task; which is to find the right loan officer or relationship manager, an advocate for your business.

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