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Some important question when deciding which bank to use for your business.

Choosing a business bank is like choosing a business partner and must be handled with care. Your bank can be a great asset to your business or add to your problems. Determining your needs is a crucial element in choosing which bank to go with.

So what are some things you might need from your bank? Loans of course are a major thing you could need your bank for, so finding a bank with low interest rates and friendly loan officers. Getting to know the loan personnel on a first name basis could help you get your loan needs met quickly. This could be very important to your business. Small local banks have a more personal feel and therefore could be what you are looking for to help with the getting to know the staff problem.

You also need a business checking account and perhaps a savings account to help your business with its cash flow accounting and regulation. If you need a savings account make sure you are getting a reasonable interest rate on your savings as well. Some business accounts don't pay interest on the money you are saving. Don't let them use your money for free for they surely won't give you the same courtesy.

Having a bank with free checking or free check books might be helpful. No one wants money laying around waiting to be stolen or lost so longer hours for after business hours deposits could be really important to your business. Access to your account balance and being able to transfer money from savings to checking by phone or online could also really help you meet your banking needs.

Location is very important if your bank is on the other side of town you might put off transactions that should be made more frequently. If you wait to deposit money but have payments on direct payment plans you could be bouncing checks costing your business money. So having a bank with offices near your business and home could be very important to you.

FDIC insured and other safety measures to protect your assets are a crucial piece of the decision. Having a large recognizable name and several years in business is important as well. Large banks don't always have the best prices so this is not as necessary as a good proven track record.

As you are comparing banks you should also compare fees and charges. Just because you have your family accounts with one bank doesn't make them the best choice for your business. They could have higher fees for business accounts and make it more expensive to keep your account there.

Finding a bank with a small business unit could really be an asset. The small business staff is anxious to help small businesses succeed and is employed to help you. They have more specialized knowledge about small business products and services that will help educate you to the things you need.

If you want to take credit card payments finding a bank with merchant account services is also something to research. The fees involved with this make shopping a necessity. Accepting credit card payments can really increase your sales so this could be a very important service to find from your bank choice.

Just because a bank was the best choice when you started your business doesn't mean they will grow to be the best bank for your future needs make sure you are reassessing your needs and how your bank is meeting them. Changing banks is relatively painless and if they are not meeting your needs change to one that does.

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