When the topic of switching banks comes up, many people’s minds jump to one word: hassle. The perceived work and inconvenience of switching accounts from one institution to another keeps many people and businesses from making the move. However, doing so can mean big savings for your business.
Could your business benefit from switching banks? Here are some things to look at:
Fees
Perhaps the biggest reason to consider a new financial institution is the fees that are charged. If a different bank will charge substantially lower fees, it’s worth making the move. Lowering your banking fees can save you hundreds of dollars every year. A close look at your statements can help you find hidden fees and help you decide if it’s time to look at other options.
Convenience
Your bank should be convenient and easy to use. Take a look at branch locations, online offerings, and the bank’s ability to integrate with your existing systems, like accounting software and payroll. Systems that are easy to use will save time and keep your processes streamlined.
Incentives
Many times, banks will offer you an incentive to switch to their institution. You shouldn’t necessarily jump at offer, but if a reputable bank is offering lower fees or other benefits, it’s worth taking a closer look. Be sure to find out if the benefits offered are for a limited time only, or if they will carry on for the life of the account.
FDIC Insurance
It seems like a no-brainer, but it’s important to make sure that your bank is FDIC insured. If your bank loses its FDIC insurance, you run the risk of losing all of your money if the bank should close.
Your bank can be an asset, and your banker a trusted advisor, but your bank relatonship is only valuable if you are getting as much out of it as you put in. Banks profit highly off of clients who aren’t closely analyzing their fees and evaluating their services. If you’re giving more than you’re getting, it might be time to make a switch.
At Silverback, when we create a strategic cost cutting plan for our clients, we examine all areas, including banking and bank fees. We will do the research to see if switching banks makes sense, and if it does, we’ll do the work so the transition is as seamless as possible.
If your business could benefit from lower banking fees and a more convenient banking experience, contact us. We’ll make an informed recommendation based on your business’s data, and, if needed, help you navigate the switch.
Changing banks can be intimidating, but we make the process simple, so all you need to do is enjoy the benefits.
