Is It Time to Switch Business Banks?
Have you begun to question if the time has come to switch banks when it comes to your business account? You aren’t alone, as business owners seem to have a constant struggle in finding that perfect bank for their business’s needs. So how can you decide if the time is right? Well there are a few red flags you can watch for that will signal its likely time to switch banks. Here are the top five to keep an eye open to.
Your Business Has Grown, Needs Have Changed
As your business grows and changes, so does its needs. There is a good chance that what you needed when you first opened your business, or even a year or two ago, isn’t what you need from a bank now. It’s always a good idea to re-examine what your bank offers you and determine if that still fits your needs.
Fees Keep Increasing
Let’s face it, we all know that bank fees will never go down, but if your bank seems to be raising them constantly, and in pretty large increments, it may be time to switch banks. At the end of the year that’s your profits that are disappearing in order to pay for the fees. Some banks will offer a low fee plan or even waive the fees if you keep a certain balance.
The Customer Service is Non-existent
When you choose a bank for your personal banking needs you base it on certain criteria. Customer service is likely nowhere near the top of the list since people tend to do so much online banking nowadays.
A business account is different. You will likely need to speak with your bank from time to time, so they need to offer a high level of customer service. If you feel this has dwindled and fails to impress you, then it may be time to switch banks. Your business is important, and you should be made to feel that way.
Is Your Money Easily Accessible?
Another warning sign has to do with the access to your funds. As a business, you need to be able to access your funds on a regular basis. It’s also good to know you have access to loans and credit when needed. A bank that can’t meet your need is one that isn’t helpful at all to you.
Bank Hours and Location
Convenience also plays a key role in the decision making process. You need a bank that is located nearby to your business and with hours that work for you. Today many banks are offering extended evening hours and weekends, giving people more opportunity to perform the tasks they need to.
Be Aware of Your Needs
As you watch for these various red flags it’s also imperative you understand your own banking needs. Remember, they aren’t going to stay the same forever. It may just be time to look at other options and find a new bank that better works with your company.