May 05, 2020 / Credit
Business bank accounts are a big deal for small businesses, and it’s easy to see why. Businesses rely on their banks to help run daily operations. They place their faith, trust, and the care of their finances in an institution, and rightly expect to be treated like a business partner in return. Unfortunately, this commitment isn’t always reciprocated. Too often small businesses are treated like they don’t belong. They’re given low priority either because their financial contributions aren’t considered big enough, or they’re simply seen as another number that gets lost in the machine of big banking.
So, why do small businesses put up with this type of treatment? Many are reluctant to switch because they see it as a hassle—an unnecessary disruption to billing, payroll, and business process. And while switching banks certainly is a change (and one that should be carefully considered), it’s not nearly as difficult as most people think. If your current bank or credit union isn’t treating you like top priority, consider switching to Utah First—a local credit union devoted to local businesses. Here’s a step-by-step guide to help you make the switch.
Your business deserves to be treated fairly. It deserves to be on equal footing with bigger businesses. If you feel like you’ve been treated unfairly in recent weeks, with allegations that some financial institutions prioritized big business loans at the expense of small businesses, you should consider banking with an institution that has your best interests in mind. Similarly, if you feel you’re paying too much in fees for what you’re getting in return, it might be time to see how a switch could save your business money. Finally, customer service is a big part of small business banking. If your current bank has lost touch with the realities of helping your business, it’s probably time to find a banking partner who cares about your business needs and success.
One of the primary reasons for a business banking account is to keep your money safe and have easy access to funds for payroll and expenses. You may also want to invest your cash reserves into a business money market account to earn a higher interest rate. Whatever your goals, our representatives can talk through the different types of business accounts, including:
Business Basic Account—A checking account with minimal fees and free cash transactions for small businesses with fewer than 300 transactions per month.
Business Advantage Account—The ideal checking account for larger businesses that allows you to set a threshold, above which your money gets put in an interest-bearing money market account.
Non-Profit—A business checking account that has all the features of the Business Basic account, plus no monthly maintenance fees and unlimited monthly deposits.
With benefits like a low, fixed interest rate, no annual fees, and rewards for every dollar you spend, Business Platinum Visa and Business Platinum Rewards Visa can help your business grow, even when you’re spending money. In addition to these perks, your business will get access to millions of ATMs and the worldwide Visa network, Apple Pay, Google Pay, and Samsung Pay compatibility, a 25-day grace period on all purchases. Plus, with lightning-fast approval, you’ll be ready to roll with your business’ Visa in no time.
Utah First has all the merchant services to make your business mobile. So, even if you’re working from home or on the road, you can be fully operational. With low rates, around-the-clock service, and wireless credit card processing, you can run your business from anywhere, and reduce processing costs. You also get access to our 24/7 hardware help desk and overnight terminal replacement. And when you need a business loan, you can choose lines of credit, SBA loans, equipment loans, and real estate financing options to fit your business’ budget. Our loan officers are always available to help walk you through the entire loan application process.
Our experienced business banking representatives know everything about helping our small business customers succeed. They can answer your questions about switching accounts, recommend the products and services best suited for your business, and resolve any concerns you may have about switching. We’ll even help you transfer your accounts from your previous bank without any hassle. Of course, you can always browse our website to learn everything about our business services and accounts too.
Business banking should be about your business, not your bank’s. Whenever you’re ready to make the move to a local community credit union that has your best interest at heart, Utah First is here to help. If you have any questions or need any help in the future, please feel free to contact our Commercial Services Team.
Commercial Development Officer
Commercial Relationship Manager