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What to Look For in a Commercial Bank

August 19, 2020

Finding a commercial bank for your business isn’t something you should take lightly — they’ll be instrumental in your ability to invest and move money around, this can have a major effect on the future success of your business. If you’re looking for a new commercial bank, there are a few factors that are important to keep in mind.

Evaluate Your Banking Needs

The kind of bank that you want will depend heavily on your business’ specific banking needs. Every business is different, and the same goes for commercial bank accounts. Think about things like:

  • How many transactions you’ll be making. Some commercial banking accounts will have caps on the amount of money you can move in a month, delays for moving large sums, or fees associated with big transactions. You need to be sure that your account can accommodate the kind of banking you’ll be doing.
  • The amounts you’re working with. As with the number of transactions you’re conducting, the total amounts will make a difference from bank to bank in terms of the fees and service you’ll be entitled to. Go into a banking discussion with some hard numbers in mind to find the best bank for your business.
  • Rates and fees. Every bank’s rates and fees are different. There may be fees for low balances, monthly service fees for certain services or accounts, maintenance fees, and fees associated with business checks. You’ll also want to compare interest rates on savings accounts, CDs, and other financial instruments that you might be using.
  • Loan options. There’s no rule that says that you have to get your business loans from the same institution that you bank with, but it’s certainly more convenient. If your business is in such a position that you think you’ll need loans in the short- or mid-term future, you should look into the loan offerings at the bank you’re considering.

Your Banking Relationship

You should also take into account the kind of relationship you want to have with your bank. Some people want a set-and-forget banking relationship, where they make their deposits at the end of the week and don’t really think about their money sitting in a checking account.

Others want a much more hands-on personalized experience. You might want your money to go into a money management account or brokerage account, and you want to talk to someone on a regular basis about how that money is invested. You want to meet with the same banker or team and be able to reach them on the phone every time that you reach out. You want advice on how to handle your money, and you want to hear from experts.

Experience and Expertise

There are very few commercial banks out there that genuinely don’t know what they’re doing, so this isn’t so much a matter of finding an expert as finding the kind of expert you want. Ask your bank about their experience with businesses in your industry and markets, as well as their experience with businesses of your size and usage. If you’re interested in a particular type of financial instrument, ask your bank about their experience working with them.

Let’s Talk Personalization

The final consideration is the personalization of your experience. At First Western Trust, we pride ourselves on our holistic, tailored approach to all your banking needs. While some banks will pigeonhole you into a particular set of accounts based on your business’ size and income needs, we create a plan that’s built specifically for you and your business, including your goals, values, and priorities. If you’re ready for a commercial banking experience that’s built just for you, contact us today!

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