Four Warning Signs That Mean You Should Switch To A New Business Bank Account
Many a time, you might have a feeling that your bank is not looking after your needs as their client. This happens especially if you are a small business owner. As per a recent survey, 68 percent of small business owners feel that their needs are not being met by the bank they are currently dealing with, while 63 percent have an opinion that their bank doesn’t appreciate or support their business at all.
Everyone, including small business owners, is eligible for financial services. However, as the situation suggests, a number of financial institutions are depriving small businesses of accurate business-grade products that they deserve. Should you close your account with them? The following are some warning signs to watch out for and help you reconsider switching to a new bank.
Warning Sign 1: You Are Shelling Out Ginormous Fees
Launching a new business is not a cakewalk and involves a lot of costs. In such a scenario, your bank should not discourage you from going forward by charging exorbitant fees. If your bank is asking for a service fee or a maintenance fee from you without a concrete reason, this is a tell-tale sign that they might be taking advantage of you. Aside from that, there are ATM fees, paper fees, incoming wire fees, bill-pay fees, and transaction-minimum fees as well which they will charge from you. Remember, you don’t need to shell out money for any standard banking service. On the contrary, you need a banking partner who provides you with the liberty of how to bank and when to bank. Charging penalty fees time and again implies that they’re ripping you off. Period.
Warning Sign 2: You Don’t Have Access to Business Tools and Services
Small businesses do not often get access to specialized business tools and services such as cash management, credit card processing, online account management, and so on. These are the features that big corporate houses are entitled to but small businesses are not. A few banks fail to realize that small business owners look to get benefits from these features. Ask your account representative to provide you with a detailed comparison between all the available features and the features which you can avail. If you are lagging behind somewhere and your corporate account is not getting the same attention, it might be the time you need to contemplate whether you should continue maintaining your account with your current bank.
Warning Sign 3: You Are Unable To Access Online Banking
Small business owners need to be on their move all round the clock, taking care of multiple issues simultaneously. Hence, they require banking services and solutions that are flexible and are quick enough to help them save time. It’s not that you have to adjust your schedule to avail the services — it’s your bank’s responsibility to make them available to you. However, that’s not the case with many small business owners. They try to make regular visits to their banks but have to endure long lines and business hours. Here lies the importance of online banking. Now, if your bank doesn’t allow you to deal with your transactions via a digital platform, you have all the right to switch to a new bank.
Warning Sign 4: Your Bank Treats You Like An Account Number
If you fall among the 68 percent of dissatisfied small business owners, it would be better for you not to keep any expectations from your bank. Things are most unlikely to change. Certain aspects such as an account manager who values your business and gives you suggestions from time to time, frank communication, and a collaborative partnership are integral to a healthy banking relationship. In case you are ignored by the teller, kept on hold for hours, received no connection with your account representative, and not provided with any kind of personalized service, you can easily gauge that your bank is least likely to entertain you.
In the aforesaid circumstances, you must look for a bank which can partner with you and play a key role in making your business grow. Of course, the bank would have a vested interest, but that’s a given. If you are getting anything less than that, don’t hold yourself back. Choose a bank that suits you best.
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