Filed under Finance
by Ready in Raleigh | May 20, 2012
At long last, I'm ready to open a checking account for my new business. What should I look for when I go to pick out a bank?
Ready in Raleigh
Dear Ready in Raleigh,
When you set out to audition banks, start with the one where you carry your personal account. Then, ask some local small business folk where they do their banking—and why. For many small business owners, a community bank may offer the personalized service needed for your operation.
You also may want to call the Small Business Administration (SBA) at 1-800-827-5722 and ask them to send you a list of the banks in your area with good small-business-lending track records. (The SBA keeps detailed records on these matters, and they are flattered when someone takes an interest in their diligence.)
When interviewing your list of candidates, here are some of the things you'll want to ask each of them:
And here are some things you'll want to ask yourself:
Comparing the answers to these basic queries will give you a sensible framework on which to hang your decision.