Would it surprise you to know that, when asked, 73% of small businesses said it was important to have one banking provider? Even businesses currently using two or more providers reinforced the importance of using one financial institution.
As a business owner, you know the importance of a strong relationship with your bank. Deciding on a banking strategy, one bank, two banks or many banks, obviously depends on your unique business structure; how you organize your funds, past and current business relationships, funding source needs, and more. Whether you use one or multiple financial institutions, it’s important to review this decision on a regular basis and align your financial resources with your goals as you move your business forward.
Making the Case for One Bank
- Simplicity – One bank, means one place to visit, and less account, contact, and login information to keep track of.
- Relationship pricing – Enjoy the discounted pricing and leverage you may receive for keeping all your business under one roof.
- Products just for you – Many banks offer premier personal products and services designed specifically for their business clients.
Making the Case for Multiple Banks
- Your comfort level – Many businesses simply aren’t comfortable using one financial institution.
- A better rate – You can shop and take advantage of more rate options.
- Niche products – Due to the industry you serve, your business may need a specialized product not offered at your primary financial institution.
Before deciding which is best for your business right now, take time to compare of the all actual costs and inconveniences of either outcome. The answer may surprise you.
Learn more about what Citizens National Bank can do for you!