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Small Business Ideas Forum

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Old 13th October 2009, 02:34 PM   #1
Mathilda G
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Default Selecting A Bank?

How did people go about choosing a bank for their business? My plan was to just check out the banks in my neighborhood and see which one offers the best rates, but I was sure if that was the best strategy.

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Old 13th October 2009, 06:52 PM   #2
JenandMike
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We just went to our own bank since we have rapport with them. They were very helpful since we have been members.

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Old 14th October 2009, 01:08 AM   #3
Payroll Tampa
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Very Simple strategy in choosing bank, Lower Interest Rates is the first choice for any one.

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Old 16th October 2009, 02:41 PM   #4
rebecca.volitio
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Default credit unions

I would also recommend looking around at local credit unions. One of the things I see with our bookkeeping clients a lot is they end up spending a lot of money in ATM fees and card fees and overdraw fees and account usage fees and interest fees. It's a never ending list.

But a credit union is owned and run by the members (ie; you) so the fees tend to be much more reasonable. Plus, the credit unions don't seem to have been hit by the credit crunch nearly as hard as the banks.

The other thing I would recommend you do is look at what services you might be needing in the future for your business - will you be accepting credit cards? If so, you might ask about the bank/credit union's merchant services program and compare those rates with other banks.

Also, if you think you might be needing a loan at some point, then it may be worth checking to see if they have a Small Business Loan department. If not, you may be forced to get a loan through a different bank (which means making payments is less convenient) or you may need to take a personal loan out for the business.

Good luck hunting!
Rebecca

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Old 16th October 2009, 03:11 PM   #5
ktaylor310
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Funny you should ask because we just moved all of our accounts to a new bank last week. I asked people we knew who they banked with and then visited the bank that had the most available (and closest)branches & atm's. They had everything I needed (free checking, the ability to transfer funds online from business to regular account) and the customer support was great. Sold.

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Old 21st October 2009, 12:16 PM   #6
phanio
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You shoudl try to match your bank with your business's needs. If you are a local business - stick with a local bank. If you are a national business - pick a national bank.

Also try to anticipate your future banking needs as you grow your business and try to see if your local or regional banks offer products that will help you as you grow.

While it is easy to switch banks - it still takes time away from your business.

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