7 Things To Look For When Choosing A Bank

With so many banks to choose from, it can be hard to know which financial institution best fits your business's current needs and future financial goals. Of course, you want to choose a bank that is reliable, but what other elements should you consider when choosing the bank that is best for the financial management of your business? Read on to find out seven of the most crucial factors that your bank should offer.

1. Reasonable FeesMake sure you're aware of the fees charged by any of the banks that you're considering. One small fee may seem insignificant, but they can really add up in the long run. If you're an internationally run business, you may want to choose a bank that charges no additional fees for wire transfers. If you're a business with a high frequency of deposits, it would be smart to opt for a bank whose deposit fee is lower.

2. Easy Online BankingThe ability to do your banking online can save you quite a bit of time. The convenience of top-notch online banking lets you manage payroll, transfer money, view statements, manage your loans, and more. Examine all the services that each bank's online banking system provides, and make a decision accordingly.

3. Fraud ProtectionUnfortunately, there's quite a bit of fraud out there these days. It's important that your business is being protected. Reliable fraud protection ensures that your bank is looking out for you and your business's best interests. With the knowledge that your bank working to secure your finances, you can focus your energy on the many other elements of your business requiring your attention.

4. Great Customer ServiceThink of your bank as a business partner. It's important to develop a level of trust with your banker, and a face-to-face relationship with your bank can make the process of lending a bit smoother. Opt for experienced bank representatives who have an interest in catering to your business's needs and who understand your situation.

5. SizeIf you're a small, locally operated business, you may want to choose a smaller bank that is more regionally focused. Plus, these banks will be more aware of local market conditions. However, if your company is larger, choose a national or international bank--especially if you or your employees travel a lot, so you will have easy access to your money anywhere in the world.

6. Interest RatesResearch the interest rates that various banks offer for small business savings accounts. Your money can grow on its own in a high yield account, and when you need it, you can quickly transfer it over to your checking account.

7. Small Business or Industry-Specific ExpertiseSome banks may not be comfortable managing the money of businesses in certain industries or certain stages of their growth. Fortunately, many large, national banks have recently hired advisers who specifically cater to the needs of small businesses. Some banks even have industry-specific departments. For example, Citibank has a branch in Napa, California that serves wine-industry businesses. The advice that a bank can dispense is just as important as the services it offers.