Why Your Business Needs to Change Banks
In my opinion, I have never used big banks for any of my business accounts and prefer those of the smaller, independent size where I’m a customer, not a number. These banks can be found in almost all cities and towns along with the very popular credit union options.
Actually, the small bank I use calls me a “guest" and I like that. These are the banks where individual branches have bank presidents or managers who are empowered to do things for their “guests." Let me give you an example.
Back in 1998 when I was approached by a local independent bank’s president, he offered that if I switched all my business accounts (and personal accounts) any bank fees of any kind would be waived for the duration of my relationship with the bank. Why was this bank willing to do this?
Because hundreds of thousands of dollars roll through this bank and they make money from that money! Giant banks also have the power to do this but often refuse or simply say they can’t because of company policy. A small bank equals fee negotiation, and you won’t find that at larger, well-known banks.
Smaller banks can also waive fees for credit card transactions and even offer discount check reordering or low or steal deals on electronic deposit machines.
Fees add up, pure and simple, and in today’s tight economy every penny counts. Why waste hundreds to thousands of dollars a year on bank fees when you have the power to negotiate fees with smaller banks?
Sure, the investment portfolios of small banks got hurt too during the Wall Street debacle, but the ones that survived did so with pride and acted like the small businesses they are, even if they employ hundreds. They cared about their customers, and the managers and presidents of those banks are seen at local fundraising events. They will be your Facebook friend, Tweet with you and respond to your emails within a day or two—they want your business accounts, and all it takes is analyzing the fees you are paying now compared to what an independent bank can do for you and you’ll be convinced to switch!
I hope both these movements continue to surge on and really do make big banks stop and take notice, even though none of the banks would offer any statements according to Goodale’s reports.
Ignoring this little paper cut they call their customers will turn into a large, infected boil on their bottom line and they should offer up some statement of one kind or another, even if it’s to say, “We hear your concerns. We want to hear more. Can you give us a week to evaluate?" Anything is better than blatant silence!
Did your business dump your mega bank or transfer your funds on either of these protest days? If so, what made you decide to do it? Was it the protesting alone or did you have another reason? Drop me a comment and let’s start a discussion on how many businesses can and will make a change if we stick together and hit ‘em where it hurts. Wouldn’t it be nice to waive bye bye to some of these large bank CEOs like airline flight attendants do when you leave the plane? Oh, I think so!
Feel free to bookmark this article—I plan to follow-up on this piece and see if the mega giants do speak up and just how big these protests become!