What other expectations should business owners set for the financial institutions they deal with?
Extended branch hours are key. I would not bank at a branch with limited hours of operation — the once-traditional banker’s hours of 9 a.m. to 4: 30 p.m. don’t suit most managers’ schedules. The first question I would ask any bank is, ‘Do you offer extended banking hours?’ Even if you don’t take advantage of these hours all the time, there will be times when you do, and having the opportunity to swing by the bank at 6 p.m. or in the early morning before heading to the office is important.
What ancillary services should a business owner look for?
Check to see if your bank provides some kind of courier service. As a business owner, if you can have a courier service pick up your deposits for a nominal fee, you can save several weekly trips to the bank. Your time is better spent working in the business — not en route to the bank to make basic transactions.
Do the rules of service change for Internet banking?
From a tech support standpoint, most banks delegate a key contact person to address questions, concerns or troubleshooting issues. But keep in mind that service standards apply to all aspects of a bank. Whether you’re banking online, in person or over the phone, response time is critical.
Ultimately, you want to enter a banking relationship with a financial institution that sets high service expectations for its staff. That way, you know they will get to know you and your business, and they can make appropriate account recommendations.
As for your expectations, set those high, as well. You deserve to work with a financial institution that can tailor its products and services to meet your business needs.
Darlene Nowak-Baker is an executive vice president and lending manager with First Place Bank. Reach her at (248) 358-6403 or [email protected].