Why Bother Having A Good Relationship With Your Bank?
By: Rachel Raupp
What kind of relationship do you have with your bank? Do they just hold your money and that’s it? It’s time to take your relationship with your bank to the next level. Having a good relationship with your bank, beyond the average everyday relationship, can be beneficial to your business in ways you may have never thought.
When you’re close with your bank, they become familiar with your financial status, situation, and history. You’ll also be considered a highly valuable customer so they’ll be more willing to help you out. This can be incredibly fortunate in many ways. Beyond just better customer service, they could reduce or waive any fees you may run into, like accidental overdraft fees.
Your banker can help you access better interest rates, and if you need a loan, they will help you put together the best possible loan application with better terms that won’t hurt your business. Because you have a good relationship, they can help you get approval whereas without the relationship, you may not. This can be a lengthy process is your bank doesn’t have a relationship with you.
If you ever need referrals to other businesses or services, like an attorney, an accountant, or a web designer, you banker can steer you in the right direction with great referrals. This will also work in reverse – your banker will refer others to you when they’re looking for what you specialize in.
Receiving expert financial advice from someone you trust is a huge benefit. They’ll also be more in-tune with your habits and history so they can assist you in long-term planning and give you insight you may otherwise not receive, and because you trust them, you will also value their opinion. It’ll take less time for them to gather your information and supply you with reports, which adds convenience to the mix.
Your bank can do more for you than you may think. They can be partners in making better and financially safer decisions for your company. Take advantage of your resources!