If you are planning to open a commercial checking account and are evaluating banks, things like account balance minimums, transaction fees and interest rates may not tell you the whole story. The bank you choose should be a reliable partner that will stand by you in good times and bad, so you should delve a little deeper before you make a decision. Here are some tips that could help you.
Choose a Bank That Shares Your Values
When you open a commercial bank account, you are starting a relationship that will last for years or decades if everything goes to plan. That’s why it is a good idea to choose a financial institution that shares your values. Look for a commercial bank that supports organizations and community efforts that revitalize neighborhoods and improve lives, and avoid financial institutions that treat their customers like numbers.
Stick to SBA Lenders
It is a good idea to choose a bank that is a preferred Small Business Administration lender even if you do not plan to borrow any money. SBA preferred lenders must have solid track records and meet strict program requirements, so you can be confident that the service they provide will be good.
Look for Banking Services That Save You Time
If you have a business to run and customers to keep happy, the last thing you want to do is waste your valuable time standing in line at a bank. Thankfully, you no longer have to. Some of the most innovative financial institutions now allow their customers to handle most banking tasks using computers or mobile devices. If you want to save time, look for a bank that offers services like the desktop deposit capture of scanned checks, online payroll services, and direct deposits.
Consider Open Banking
Most people think of banks as brick-and-mortar establishments with tellers, loan officers, and ATMs, but the financial world has changed a great deal in recent years. Third-party financial organizations now provide the same services as traditional banks, and they often offer more favorable terms and charge much lower fees. These financial organizations use application programming interfaces to improve the quality of their services and lower their overheads, and they pass their cost savings on to their customers. An open bank offers access to these flexible and innovative financial solutions while complying with banking regulations.
Save Time and Money With the Latest Technology
APIs make open banking possible because they allow financial service platforms to communicate with each other and share information. This opens up the world of FinTech to small and medium-sized businesses. Thanks to this technology, commercial customers can access a wider range of banking services, use a single platform to manage all of their financial accounts, and receive faster lending decisions.
A Bank You Can Believe In
It is wise to take your time and think carefully before opening a commercial account because you do not want to find yourself dissatisfied and switching banks a year or two down the road. If you weigh up your options and think of your future needs, you should find a bank that will help your business to grow and prosper.