Boss Lady Rule #217 Put your money in places where they actually give a fuck about you and your money.
In the past my money was at Bank of America and a few other bigger banks and I’ll say that the only benefit is being able to walk into a bank branch in most parts of the country. With things like being able to deposit a check over your phone and banks allowing you to use other banks atms for free, I don’t even know if that perk is as large as it used to be.
Now, I bank at a few local banks where I have personal bankers, the tellers know me and my business and I have access to information, education, and support that I never knew were even possible.
I’ve profited from things that everyone should benefit from with their banks. Such as, the tellers calling me when someone comes in to cash a check to make sure that I actually wrote it (me and my horrible ass writing) or even a call /text to tell me to trans
fer funds because a big purchase went through quicker than I anticipated. Which saves me money on things like bounced check fees. (Cause who wants to deal with that shit when you actually have the money to cover it.)
I also have a banker who actually sits down with me and looks at my business, my finances, and my accounting not only to make sure that everything is correct but because it’s so much easier to qualify for products and services like lines of credit to hold you over during tough cash flow times when everything is categorized and reflecting correctly before you need them.
What does a bank get out of this? If they groom you and your business to be good with your money and your money grows, they’ll make money off of you. It’s kind of like a win win. Duh. (Yes BOA that’s some shade tossed at you.)
These are just a few ways that I have benefitted from Relationship Banking with Local Community Banks. I hope they can help you.