I personally prefer websites that are secure, easy to navigate and provide information about all the products and services that a particular bank offers. I like to see useful money saving tips and free Internet Bill Pay. Think of your future travels and business plans. Does the bank you are considering have branches in those areas you will be visiting? Find out how many ATMs are available for cash advances and deposits in the area of your primary place of business. How long will it take for deposited funds to become available for you to use after they get posted to your business checking account? Can you order checks and deposit slips online? How much do they cost?
I would continue this research by observing the parking lot of the bank. If you see mainly big Cadillacs, women wearing expensive jewelry and mature folks in nice shoes and leather jackets whereas you are the Patagonia jacket and jeans kind of guy….maybe this bank is not for you, ...find a local credit union.
“Out of Order” is not a good sign, especially when it is taped over the bank’s ATM machine and there is a guy complaining about hefty fees standing nearby.
Explore the lobby…too fancy and comfortable may not be a good sign, especially when there are no customers in the lobby, unless you like to have a fancy lobby all to yourself. 70s furniture combined with 1990s computer equipment is not always a sign of solid money management either. Look for happy employees.
Grumpy tellers may be a sign of the bank having a hard time keeping good employees or it may mean that 100 customers have already come in and complained about high fees. Friendly, knowledgeable bankers can make your day.
Be cautious of business bankers who talk about their BIG customers and lose their enthusiasm after you tell them that you just started your business and need some help. Find someone who is happy to assist you in finding a free checking account or account where balances kept in the account earn credit that helps offset the fees. Ask about cash management products, business credit cards and merchant services. What are the interest rates on business savings accounts? Don’t forget to gain some knowledge about online banking features including online bill pay as well as credit lines available to your small business. Get a free lesson on the importance of good credit scores and how it can benefit your small business. Try to find out whether you can call your business banker directly or you have to dial the 800 number and wait for 10+ minutes to get help.
All in all, find a bank that offers services you need with a smile at the right location at reasonable cost.
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