When choosing a bank, there are four “bare bones” items things to consider.
- Service: You’ll get better service at local community banks. It’s also important to consider whether a bank has 24/7 service available by phone and/or online.
- Technology: The flip side of #1 is that the smaller the bank, the less effective it is in using technology. Finding a balance between service, integration with your accounting application(s), and mobile app quality.
- Location: If you’ll need to visit the bank frequently, convenience is important. Selecting a bank that embraces technology (see #2) will mean features like mobile deposits will be available. Such features will reduce your need to visit the bank.
- Products and Fees – Your financial advisor can help you identify what banking products your business needs now and in the future. He or she can also help you evaluate how much the needed services are going to cost you.