Selecting friendly small business bank is now just a simply search online with a commitment to chose the right one. To many small business owners are not taking the time to choose the right bank for their business needs. Small business owners need to understand bigger isn’t better for them nor is well known a better choice. Large commercial banks are putting customers second and for that reason with technology on your side, you better do some shopping around!
Whether you are an establish small business past your third year in business or a start-up you need to start shopping for:
- Free checking
- Best interest rates if you are seeking a line of credit, business credit card or competitive overdraft fees.
Many small business owners select their current bank based on location convenience and what’s in the name. The banks name isn’t helping you keep up appearance, as one small business owner indicated was their primary reason for choosing their large commercial bank charging them big fees to do business. It’s time for small business owners to realize banking online is secure with a strong password and depositing checks is now done via the banks mobile app or an authorized check scanner directly from the bank. So selecting your bank based on proximity to your business should not be high on your list if you do not have cash deposits. You should know that small business friendly banks even have easy online applications to complete to open a business account if they do not have a branch located near you.
What about paying ATM fees? Most small banks belong to a network they plug into so you are not losing when you withdraw funds from an ATM nationally or internationally but make sure to inquire if that criteria is important to you. Understand small banks can be a small business owners best ally as long as the bank is Federal Deposit Insurance Corporation (FDIC) insured. The business will get more out a small bank who is interested in keeping them and building a stronger relationship with them via competitive loans and interest rates. All the business owner needs to do is make sure the bank has a reliable customer service network by phone within the hour the business operates. So how does a small business owner learn about friendly small business banks in their area? Check out bankinggrade.com a site that grades every bank on its commitment to small business lending. Using public data from the FDIC. Banking Grades compares the amount of a bank’s deposits to the number of loans the bank has made to small businesses, typically $1,000,000 or less. It’s all based on data. They have a list of 21 bank for the New York area. Check it out and see how simple it is selecting friendly small business bank for your business needs.