The business bank you work with can have a huge impact on the future of your organization. If you chose your company’s bank based on proximity to your office or simply because you have a personal account at the same location, it may be time to re-examine your options.

Generally speaking, there are three types of banks — community, regional, and national. If the one you’re using falls into a category that isn’t the best fit for your company, it’s time to consider making a change. Community banks typically offer a high level of customer service, national banks are usually able to provide more services and lower fees, and regional banks are commonly somewhere in the middle.

4 Key Topics to Consider When Choosing a Bank

The financial institution you use should promote the growth of your organization and make doing business as simple as possible, so don’t settle for anything less. Before selecting a new financial institution, consider what you want from a bank so you know which features to prioritize.

If they’re not already on your list, you’ll also want to include the following discussion points.

Lending Authority

Find out how easy it will be for you to get a loan — if needed — and the lending limit your relationship manager has the authority to grant. You’ll also want to ask about the bank’s comfort level with SBA loans, in case you decide to use one in the future.

Fee Structures

You shouldn’t have to pay sky-high fees for services such as ATM usage, account maintenance, and credit-card processing. Inquire about these costs in advance, to help you choose a bank that won’t lower your bottom line.

Technology

As a busy company leader, you don’t have time to stop into the bank every time you need to deposit a check or transfer money between accounts. Banks are becoming increasingly tech savvy, so ask about innovative features offered by the financial institution.

Reputation

Do a little digging to find out what other business customers are saying about the bank. Read reviews on sites like Yelp and ask other business owners in your community for input, as feedback from current and previous customers is the best indicator of how you’ll be treated if you open an account.

Since ECS was founded in 2000, we have been building solid relationships with recruiters and clients throughout the United States. Our company manages staffing engagements in the primary employment categories of Information Technology, Accounting & Finance, Clerical & Administrative, and some categories of Engineering & Architecture. Contact us today to discuss a partnership!