Connect with a banker
Let us partner with you. Reach out to a business banker for assistance.
Explore our banking solutions
Find the right banking products for your business needs.
Oct 28, 2024 | 5 minute read
Just because you've had the same business bank account for years doesn’t mean you shouldn’t explore your options.
Reevaluating any longstanding relationship, whether business or personal, can be challenging, especially when you think it might be time to make a change. Adding finances to the mix further complicates the dilemma. But in business, doing right by your organization and customers is non-negotiable, and you deserve the highest level of service and support to ensure your business thrives.
How do you know when it’s time to switch banks? Let’s look at three potential reasons business owners tend to switch banks and what to do next.
You’ve likely heard “customer is king” or “the customer is always right” casually thrown around, but the reality is that many businesses simply aren’t attentive to their customers’ evolving needs. This is particularly true for businesses experiencing significant growth or unexpected pressures. As you consider what you’re looking for in a bank, don't underestimate the value of a partner taking the time to understand you and the unique needs of your business. You may need tools to help manage your cash flow, the ability to accept payments, or after-hours customer support. If your small business banker isn't asking these kinds of questions, they might not be the right bank for you.
Your company’s current financial support needs may look different than they did when you chose your current bank. Often a business’s growth outpaces its bank’s offerings, such as advanced technologies or expansive funding options, making the process of switching banks necessary to unlock the next level of growth for an organization. Or maybe you’d like to consolidate your banking into a single institution and are evaluating one that can truly do it all. Whatever the need, look for a bank whose products and services are robust, secure and innovative. If your current bank can no longer meet these requirements, it might be time to consider switching banks to find a partner that aligns with your evolving needs.
Increasing fees can be one of the top reasons a business owner may want to switch banks. While it may be common for some bank products and services to have monthly or annual fees associated, look for transparency from your bank to explain each one up front. If any of the fees, like the maximum number of monthly transactions, aren’t negotiable, you want to make sure those are a realistic operating cost for your business.
If you’re considering switching banks and have a new banking partner like U.S. Bank in mind, here are five simple steps to make the process of changing banks seamless.
Choosing to change banks can feel daunting, but when you partner with an institution who values you as a customer, offers flexible tools and provides transparency around fees and limitations, the transition to a new business bank that meets your needs will be well worth the extra effort.
Let us partner with you. Reach out to a business banker for assistance.
Find the right banking products for your business needs.