Choosing the right bank for your business

Whether you’re just starting your business or have been operating for several years, having the right bank can make a big difference.

By Brad Benesh

Senior Vice President, Business Banking

Whether you’re just starting your business or have been operating for several years, having the right bank can make a big difference. But how do you know which bank is right for you? These five tips can help.

Know what you want. Are you a sole proprietor who needs only checking and savings accounts? Or, do you now or will you at some point in the future need a line of credit or a loan? What about remote deposit and other cash management services? 

Seek advice from other business owners. Ask your professional colleagues and the owners of businesses you frequent where they bank and whether they’d bank there again if they had the chance to start over. 

Compare your options. Are you okay doing business with a large bank that may be difficult to navigate? Or, do you prefer a smaller bank and, more importantly, a banker who actually takes the time to get to know you and your business? 

Consider fees. When it comes to banking, fees can add up quickly, so be sure to pay close attention to the fine print. Are there fees to use an ATM? For paper statements? For seeing a teller? What about for other services such as wire transfers and credit-card processing? 

Take a test drive. If you want a bank that will deliver outstanding customer service, call the bank. Do you get a recording or a real person? What happens if you ask to speak with a business banker? Are you immediately connected to someone who is friendly and knowledgeable, or do you spend five minutes waiting on hold? What happens if you leave a message? Do you get a prompt callback, or are you left in limbo?

Your relationship with your bank is an important one, one you want to last for a good long time. So, take the time up front to ensure you’re choosing a bank that’s right for you. If you think North American Banking Company could be that bank, or if you’d like to learn more about the business products and services we offer, contact me at 651.714.6421 or [email protected].