How to Choose the Right Bank for Your Online Business

You should thoroughly consider your business needs when selecting a financial institution or bank for your small/home business. You may want to consider the following points:

- The types of products and services that are offered.

- The bank's criteria for qualifying for a loan.

- The minimum balances for accounts, interest rates and charges for account services.

- Location and Access to ATMs

- Online Banking Services

One bank may specialize in home loans or auto loans while another may focus on commercial loans for businesses. Some banks may only offer basic deposit accounts while others have lock box services, sweep accounts, and even online banking! It's very important to evaluate your business needs before you select your banker.

Here are some of the things that your banker may be able to help you with:

- Help you with the cash management needs of your business.

- Offer investment products of varying maturities or risks.

- Provide advice regarding what it will take to qualify for the loan that best meets your needs.

- Provide special loan programs for small businesses, including SBA loan programs and other government-guaranteed or agency loans.

- Assist you with finding financial information on your industry.

So compare different banks in order to find the one that will serve your business's needs and will also provide support and assistance during the infancy stage of your business. Selecting a bank that you can work with will be especially important as your business grows.

Start shopping around by gathering information to help you make this important selection. Compare interest rates on deposit accounts and basic consumer loans (most business loans are negotiated, so the rates won't be posted at the banking center). Also, look carefully at the charges for services. Tell them about your business and the form of organization so that they can tell you what special products and services or restrictions might apply.

Before selecting a bank, be sure to have a good understanding of your own business needs, and what you need from your bank. If you know what you will need from a bank, it will be much easier to evaluate and compare between various services. Remember, it is a good idea to establish a relationship with a banker, before you need money. The right banker will be someone that understands the needs of emerging and growing businesses. They will be interested in your business dreams and will help you achieve them.

Copyright © 2005. Chileshe Mwape writes for the US Banks Website: http://www.us-banks.org/ Find informative articles and news stories about banking and finance.

This article may be reprinted as long as the above link is active and clickable.

In The News:


Budgeting the Key to being Financially Stable

Single Mother's in need of Financial GuidanceBudgeting is key to... Read More

Kundalini Lessons - Money

I've been going through and interesting growth period lately that... Read More

Bankruptcy Laws Get Tougher - More Expensive

If you've been thinking about filing for bankruptcy, your best... Read More

Budgeting -- The Critical Flaw That Causes Most Budgets to Fail

Budgeting. It's a word we're all familiar with. Everyone knows... Read More

Ways to Save Energy and Slash Electricity Bills

1. Lighting & Light Bulbs Install low energy light... Read More

Whats The Truth Behind Your Finances?

Between 15 - 20% of people in our country (UK)... Read More

10 Money-Saving Tips

1. If you have your haircut every 3 weeks, try... Read More

Budgeting your Savings - Did You Let Your Piggy Bank Get Away?

I think most of us have at some point in... Read More

Saving Money On Gasoline For Your Automobile

The gas that we fill our tanks with every week... Read More

Are You Sick of the Financial Insecurity of Fluctuating Seasons and Income?

Finding a stable and secure income that will come year... Read More

Saving Money - Are You Doing Enough?

It is estimated that we, as consumers, waste an average... Read More

What is ChexSystems?

Commonly referred to as the first of the three major... Read More

Financial Readiness: Preparing for BRAC (Base Realignment And Closing)

The recommendations for military base closings have been released and... Read More

When do You Need a Financial Management Company on Your Side?

We live in a crazy world. Someone ought to sell... Read More

How to Choose the Right Bank for Your Online Business

You should thoroughly consider your business needs when selecting a... Read More

Save Money Off Your Home Utility Bills

Many don't realize that our basic utility bills provide the... Read More

What Happens if You Die Without Making a Will

If you die without making a Will in the UK,... Read More

How to Choose Wisely a Credit Card

So, you've made the decision to apply for a credit... Read More

Financial Fitness - Are You Exercising the Right Muscles to become Financially Fit?

Are your financial muscles well toned and healthy or flabby... Read More

Want Your Savings to Earn a Higher Rate of Return? Try Internet Banking

Doesn't it seem like the only impressive numbers we've seen... Read More

College Expenses: Seven Ways to Save on an Education

Many people graduate from college owing thousands of dollars in... Read More

Avoiding A Nightmare On Renovation Street

You've decided you want a bigger, better and more desirable... Read More

Single Mother Resources Directs You Towards Success

As a parent you are bound to face a few... Read More

Improving Your Financial Position

If you want money you need to learn how to... Read More

How to Save for A Down Payment

Saving for a Down Payment is hard work, so it's... Read More