Friday, January 31, 2014

Breaking Up with Your Bank 101

There are some occasions where I tell business owners to break up with their banks. Yes, like all things related to business, if your bank doesn’t appreciate your commitment as a customer- break up with it. Inspired by a friend’s recent experience, I’m listing three signs that may help you decide if it is time to ditch your bank for another one.

1. Your bank’s representative never has an answer. If you don’t have a personal relationship with your bank’s staff as a business owner, it is a bad thing. If your point of contact at the bank can’t answer questions and has to check with someone higher at another brand, it is a bad thing. Why? Well, business owners often have “grey areas” and personal relationships can help push people through these areas and get things accomplished. A yes or no, black or white answer from a representative who doesn’t know you means your business truly doesn’t matter to the bank.

2. Understand your representative hasn’t ever signed a paycheck for someone else. Thus, he isn’t going to be as invested in your business as you. However, he or she should care. They are there to help you and they’re not the IRS – thus they are paid to guide and consult on what works for your business. If the bank isn’t helping guide you when needed, it is break up time.

3. The bank is connected with the right people. Your bank / banker should have a list of recommendations from CPAs, attorneys and more. They act as the hub of all things financial and business. If the banker doesn’t have recommendations then how involved in your business – or business in general- can he or she be?

Until Monday,

Twyla Garrett

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