As a business owner, finding the right banking solutions can be crucial to your company’s success. The right bank can go a long way in helping you manage your finances efficiently, access credit when needed and feel secure that your money is protected.
Factors to Consider When Assessing a Business Bank
A banker who listens to you, carefully evaluates your business stage and financial needs and creates a suite of solutions can be a great partner for the long haul. You’ll want to discuss your needs when you first partner with a bank and throughout your relationship as your business and the business climate evolve.
Ask about deposit protection: Deposit protection is a critical factor, and it’s top of mind for many whenever the banking industry experiences turmoil. The FDIC provides deposit insurance to protect depositors in the event of a bank failure, up to $250,000 per depositor per insured bank. Banks that offer this protection use the mark “Member FDIC.” Additional protection is available for larger accounts via FDIC “pass-through” insurance and other strategies. Bankers at Bank of Nevada can advise you on options to protect your funds in accounts of any size or business type. For example, Automatic Sweep Threshold accounts automatically transfer funds from a checking or money market account to a pass-through account when the established threshold balance has been reached. With Automatic Sweep Threshold, you won’t need to manually monitor account balances or transfer funds over the FDIC limit.
Explore business banking services: Different banks offer different types of accounts, loans and other financial products. Before choosing a bank, evaluate your needs and determine which services are most important to your business. For example, if you are looking to update your account security and make your internal processes more efficient, discuss the bank’s specific treasury management solutions, including APIs to integrate with financial software. If you need financing for an expansion, look for a bank that offers business loans with competitive rates and terms.
Evaluate the banking relationship: Assess each bank’s service beyond product offerings. How well do they listen? Do they understand your business? Do they have creative ideas to help you choose financing that works for you? When you have a question or concern, you want to be able to reach someone who can help you quickly and efficiently. A responsive business bank goes the extra mile with one point of contact that you can reach directly, access to senior leadership and deep expertise in your business and your industry.
Speak to references: Online reviews and ratings may be helpful regarding consumer products and services, but that may differ from a business bank. It can be more valuable to speak with other business owners. A bank with many customer testimonials clearly has loyal clients. If you don’t know anyone who banks with a particular institution, inquire with your accountant or peers at networking events or ask bankers to provide a few references.
Look to a banking partner who knows your industry: A bank unfamiliar with your business might offer generic solutions that could fall short of meeting your needs. Check that your bank delivers a varied suite of specialized solutions for a wide range of business types and industries. The bank best suited to your business will include a team of experts that offers deep knowledge of various markets and sectors to provide exceptional guidance.
At Bank of Nevada, we prioritize our customers’ needs. Our innovative and entrepreneurial mindset can help businesses across all industries, professions and endeavors achieve their objectives. To learn more about how we can help you meet your goals, contact a Bank of Nevada relationship manager or learn more about our industry expertise.
All offers of credit are subject to credit approval. Some products and services may be subject to prior approval or fees. Please contact a Treasury Management Advisor and Relationship Manager for additional details that may apply based on products and services selected.
Members of the editorial and news staff of the Las Vegas Review-Journal were not involved in the creation of this content.