Blog

How to Give Your Business Banking a Boost in 2019

By: Kathleen Metz, Vice President Commercial Lending and Lorraine Romano, AVP Business Banking

Business owners often make the assumption that the bigger their bank, the better the quality of their financial products and services. But bigger isn’t always better. So, how do you choose a financial institution that suits your business banking needs? It’s easier than you think.

Business Banking

If You Need to Apply for a Business Loan.
It’s important to consider what exactly you need. If you need to purchase equipment, a term loan may work for you. To cover working capital needs, review the lender’s line of credit products.  Determine what repayment terms, pricing, and fees the lender offers. Make sure there are no surprises. Talk to multiple organizations, keep a list of what you learn, and also consider how they treat you. At Affinity, when it comes to our customers, we take a personal approach. We want you to succeed and we’ll take the time to sit down with you, understand your business, your needs, cash flow, and the products and services we have that can best support you. 

If You’re Looking for a Primary Financial Institution for Business Banking. 
We say this all the time, but financial advice is not one-size-fits-all. Same goes for this situation. Are you a small business? An entrepreneur? An established business? Determine where you fall before you start having conversations. As when you’re shopping for a loan, do your research, meet with a variety of financial institutions and then make a decision based on which institution you believe can best support your business. So often, businesses leave out credit unions, thinking that traditional banks offer more. That’s not the case! Affinity, for example, offers products and services your business needs at competitive rates and fees.

If You’re Deciding on What Kind of Checking Account to Open
The “bigger is better” fallacy in business banking is particularly misleading when it comes to options for opening your checking account. If you’re a smaller or still-growing business, you don’t want to open an account that charges high fees or has overly high minimum deposit or balance requirements. You’ll want to open your account with an institution that provides different types of checking that are tailored for your own business needs. At Affinity, we offer two types of business checking: Business Basics and Business Performance. Our Business Basics option is ideal if your business is small or just getting started, as it has no minimum deposit or balance requirements and offers 100 free transactions. If your business is larger or seeing more rapid growth, you can opt for our Business Performance option, which is ideal for larger businesses with more complex cash management service needs such as ACH Transactions, Remote Deposit Capture and Positive Pay. You can also earn a competitive earnings credit to help offset monthly maintenance and transaction fees. And, as with the Basic option, Performance checking requires no minimum balance.

Choosing a financial institution can feel like a daunting decision. It’s hard to start, nerve-wracking to make the decision, and worrisome to watch how it all plays out. If you take the time to speak with your financial institution, you should rest easy in knowing that you’ve chosen well, based on your current needs. Think of it like buying a car – it doesn’t hurt to shop around.

This information is for informational purposes only and is intended to provide general guidance and does not constitute legal, tax, or financial advice. Each person’s circumstances are different and may not apply to the specific information provided. You should seek the advice of a financial professional, tax consultant, and/or legal counsel to discuss your specific needs before making any financial or other commitments regarding the matters related to your condition are made. 

This information is for informational purposes only and is intended to provide general guidance and does not constitute legal, tax, or financial advice. Each person’s circumstances are different and may not apply to the specific information provided. You should seek the advice of a financial professional, tax consultant, and/or legal counsel to discuss your specific needs before making any financial or other commitments regarding the matters related to your condition are made.   - See more at: https://www.affinityfcu.com/tips-and-tools/affinity-connect-blog/2017/acronym-101-the-low-down-on-segs.aspx#sthash.HNRlWMk2.dpuf

business checking