A Small Business Banking Satisfaction Study found that only 37% of small businesses believe that their bank appreciates their business. In the same study, only 32% believe that their bank understands their business.
Having a bank that cares about and understands your business is necessary as a small business owner. Do you want to learn how you can choose the best business bank for your company in South Jersey?
Keep reading this article for the top questions you should ask when choosing a bank for your business!
What Services Do You Offer?
The first thing you need to ask your bank is what services they offer. This will help you find a bank that fits your exact needs as a business owner. Different banks will offer different services specifically for small businesses, like business loans, business credit cards, and more.
Most small businesses require a business checking and savings account at the bare minimum. However, you may also need more options if your company deals with more funds.
By learning more about the banking services available, it will be easier to compare the different banks that you are considering.
Do You Have General Financing Questions or Needs?
Next, you need to make sure to find a bank that handles all general financing needs. General financing can encompass a variety of important things for you. Every person has different needs depending on what is a priority in life at various times. Maybe you are looking to start a new business or grow your existing one. You need a bank that is well versed in all aspects of general financing that can help you navigate through life.
Do You Know the Local Market?
While many people choose a large national bank that provides larger loans and more services, it may be beneficial to find a local bank. Community or regional banks will be more familiar with the local market and economy.
This means that they will be able to provide you with more reliable business banking advice! With a local bank, you know that you can trust their suggestions.
Plus, it may make your bank more flexible. While larger banks across the country use strict rules or algorithms for making decisions about loans, your local bank may be more likely to consider your character when providing you with a loan.
Are There Options for Scalability?
As a small business owner, you may want to continue to grow your business. If you are starting with just a few employees, you may want to find a bank that will be able to grow with you.
This scalability will make it easier to access the business account tools that you need to be able to grow your business. Instead of asking your bank about the services you need immediately, you should also consider your business’s financial needs within the next few years.
Will you need a loan to open a brick-and-mortar location for your business? Finding a bank to grow with you will be much easier than finding a new bank to work with down the line.
What Fees Do You Charge?
It is also important that you learn more about the fees that your bank charges. Fees are how banks make their profit, but they may not clearly state the fees that they will charge you.
For example, some banks will have fees for using their ATM, making deposits, or even doing any other transaction. Other banks will charge monthly service fees, maintenance fees, and a minimum balance fee.
By asking your bank for specific information about all of their fees, you can potentially save hundreds or even thousands of dollars.
Are There Minimum or Maximum Transaction Amounts?
As a business owner, your finances are constantly changing. You may not spend much in one month and will spend twice as much as normal in other months. However, some banks will have a set amount of transactions that you can make from your accounts.
For example, a business bank may not let you write more than a certain amount of checks or make more than a certain amount of transactions. If you do, you may be charged an extra fee.
To avoid these unnecessary costs, you should ask your bank if they have minimum or maximum transaction amounts. If they do, you can check these amounts against your past financial records. If you don’t typically make too many transactions, this shouldn’t be an issue.
Do You Provide Online Banking Options?
Finally, you should ask your local bank if they provide online banking options. While many businesses prefer to work with a local bank and develop a relationship with them, online banking is more convenient sometimes.
For example, you may want online banking services for simple transactions, remote deposits, and more.
Finding a local bank that also offers online banking is a great way to get the benefits of both.
Need Help Choosing a Bank?
When you choose a bank for your small business, it is important that you do plenty of research to find the best options. This way, you can find a bank that offers all the services and products that you need for your business banking!
Do you need help choosing banks for your small business? Parke Bank can help! Our team provides local, experienced community bankers that can fit the exact needs of your business.
Contact us today for more business banking advice for choosing a bank or for help opening an account!
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