Tips for Managing Your Small Business Bank Account

I have clients ask questions about their banking relationships.  Sometimes I recommend that they change banks or at the very least, talk with their small business banking representative and see if my client’s problems can be remedied.  Here are some tips that I found in the January/February issue of “Priority,” published by Pitney Bowes.

Forego hard copies of checks – Some banks charge a pretty penny for including hard copies of checks with your bank statements.  Have them send you photocopies or grant you online access to view them.  In requesting this service that most banks offer now, make sure they scan both sides of the check in case questions arise about whether the intended party actually received your check.

Avoid buying in-house checks – Shop online to see if you can get a better deal on printed checks.  The charge for getting them from your local branch could be higher than an outside provider, sometimes two to four times higher.

Use the ATM and online services – Transactions over the telephone can sometimes cost you $2-$5 per transaction.  This can add up over time.  Use the bank’s online service or ATM machine to make transfers and view balances.

Bundle your services – Moving your personal banking needs to your business bank (CD’s, automobile loans, savings and retirement accounts) or asking for more for your business (payroll accounts, direct deposit, credit cards) will sometimes elevate your business bank status.  You can be given a better deal on minimum balance requirements or monthly bank service charges if you bundle your services.

We are happy to recommend banking contacts to you if it’s time to make a change in your relationship status.  Please don’t hesitate to ask us the next time we meet!  We have some very valuable and helpful resources available to you!