10 Things I Know About ... Choosing A Financial Institution
Vaidyanath
10. RESPONSIVENESS
As a business owner, your time and money are valuable, so it's important to measure how quickly a financial institution provides you with services and solutions for your banking needs.
9. MEMBER/CUSTOMER SERVICE
You should always receive personalized, friendly, and supportive service. Will the institution adhere to your schedule? Or their banking hours?
8. FEE AND RATE STRUCTURE
Make sure you know about account servicing fees and interest rates, because not all institutions are the same. The rate structure should be more favorable to you.
7. FINANCIAL STRENGTH
Do a little research to determine the institution's credibility and capital strength. Ask what other businesses they have provided service to.
6. LOAN OPTIONS
The institution should offer standard commercial lending and other credit enhancement programs like small business lending. Research all terms and conditions associated with the loan.
5. TECHNOLOGY
How up to date is the institution with the latest technology? It should provide innovative technology, including the latest trends, such as apps, business online and mobile banking services.
4. PRODUCT MIX
Look for a well balanced product and service mix that will satisfy all your current and future banking needs. The commercial services staff should offer guidance to tailor their products and services to your business.
3. IS IT A ONE-STOP SHOP?
Find out if the institution has any subsidiary companies such as insurance, in-house counsel, or financial advisors to provide you with added convenience.
2. BUSINESS PARTNER
Essentially, the commercial services staff should support you as if they were an extended member of your team for all your banking needs.
1. BANK OR CREDIT UNION?
While most institutions offer similar products and services, you should know the difference between a bank and a credit union. Both have unique philosophies and different ways of conducting business. Depending on your banking needs and preferences, it may be important to choose one over the other.
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Vinod Vaidyanath is assistant vice president of business development for Webster First Federal Credit Union, based in Worcester.
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