{"id":23359,"date":"2023-10-10T14:12:55","date_gmt":"2023-10-10T19:12:55","guid":{"rendered":"https:\/\/www.cfosimplified.com\/?p=23359"},"modified":"2023-10-10T14:12:55","modified_gmt":"2023-10-10T19:12:55","slug":"the-fear-of-changing-banks","status":"publish","type":"post","link":"https:\/\/www.cfosimplified.com\/banking\/the-fear-of-changing-banks\/","title":{"rendered":"The Fear of Changing Banks"},"content":{"rendered":"
They just don\u2019t make them like they used to. That\u2019s a common expression that is probably universal. In some cases, it\u2019s a good thing. I don\u2019t think that anyone would be happy driving to work in a car that was built in 1910. On the other hand, in some cases it\u2019s a bad thing. There just isn\u2019t the loyalty in the workplace that there used to be. Does anyone think that they\u2019re going to work for a company for 20 \u2013 30 years after they get their first job? I don\u2019t think so.<\/p>\n
And certainly, the banking environment has changed dramatically. Services are delivered electronically. Cash moves nearly instantaneously from one account to another. The personal banker at large banks is a figment of our imagination, and community banks have picked up the mantle of personalized service. Decisions are made based on information that\u2019s found on the web, because nothing is private anymore, especially not your banking experiences.<\/p>\n
So, for business owners and their companies, what are the things that they need to look at to determine if their bank is still the right bank for them?<\/p>\n
Changing banks is a real pain. First of all, many business owners are nervous talking to their bank. They have a good relationship with the bank now, but they are afraid that if they have a small downturn, the bank is going to shut them down. That means the bank you chose is a critical resource — for every business.<\/p>\n
Here are some things that you need to pay attention to, which will not only improve your relationship with your existing bank, but help you find a new bank that is more appropriate for your current needs.<\/p>\n
Every business needs a banking relationship. At a minimum, you will need a checking account to handle payroll, payables and deposit customer checks. But as you grow, you may need merchant services (credit cards), a term loan, a line of credit. You might need to operate in foreign currency. It\u2019s important for you to have the right bank for your company at the right time. Not every bank will be ideal for you. To do that, you must understand the services that you need, and find the bank that will be able to provide those services and more as you grow. These are not short-term decisions, but they are important ones to support your company\u2019s growth.<\/p>\n","protected":false},"excerpt":{"rendered":"
They just don\u2019t make them like they used to. That\u2019s a common expression that is probably universal. In some cases, it\u2019s a good thing. I don\u2019t think that anyone would be happy driving to work in a car that was built in 1910. On the other hand, in some cases it\u2019s a bad thing. There […]<\/p>\n","protected":false},"author":45,"featured_media":23372,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[32,45],"tags":[2129,2131,2130],"acf":[],"yoast_head":"\n