Breakfast business meeting with a man and a woman shaking hands at the table.

Business Banking: What is most important to you?

February 27, 2019

As a business owner, choosing the right bank can make running your business much easier. Banks differ from the services they offer, the loans they provide, the fees they charge and the interest they pay on deposit accounts, but one of the most important aspects to consider is how well can they support you when you need them.

Have you ever needed a person to talk to?
If you’ve had a fraudulent transaction on your account, a late notice on a loan payment or a mistake on a bill payment, how much effort did it take to get to a live person to assist you? Were you required to go through countless telephone menu items with no opt out to speak to a representative or were you able to a call your personal banker directly for assistance. How long did it take? As a business owner, one of your most precious commodities is time. If your bank can’t solve problems quickly, there are others that can.

Paying fees
There are some services for which every bank charges. If you overdraw your account, you can expect a healthy fee for the overdraft… and perhaps an additional daily fee for every day you are overdrawn. Some banks offer accounts that automatically charge a below-balance maintenance fee, a per transaction fee or a flat fee for using the service. You have a choice. If you prefer not to pay bank fees, you can either keep a high enough balance to avoid them or look for a bank with low or no maintenance fees.

Getting a loan
Always consider rates, fees and length of time it takes to close a loan. Do your homework. If the lowest payment possible is most important to you, shop around and don’t forget to ask about closing costs and pre-payment penalties. If you need the money quickly, ask upfront about the time it will take to close.

Setting up your accounts should be no hassle.
The devil is in the details. Your banker is the expert and he or she should make the process so simple and easy that you don’t have to think of anything other than running your business. If he or she spends more time asking you questions about your business than speaking about the accounts they offer, that’s a good sign that they have a genuine interest in helping your business’ success.

Would you recommend this bank?
Choosing a bank is a vital part of being a business owner so spend a little time researching, get referrals from others you know and ask fellow business owners if they would recommend their bank. If not, ask why. Their issue may be something you forgot to consider.

For no maintenance fee deposit accounts and a truly personal, accurate and professional experience, contact First Bank of the Palm Beaches today!