How Well Does Your Bank Know You? Making the Most of Your Banking Relationship

Mark Gruttadauria is the Manager of Hudson Valley Bank’s Stratford branch.

Your banking relationship should be a mutually beneficial and pleasant one. The right bank can take some of the pressure off and help your business grow and succeed. The following suggestions may help you know what to expect from your bank and how to get the most out of your overall banking experience.

1) Meet with your banker to explain your banking needs, including cash management and financing, now and in the future.  With their expertise and experience in financial matters, many bankers can be a valuable resource for you and your business.

2) Ask what products and services the bank may have to make your banking easier and more efficient.  For example, many banks offer convenient remote deposit services, where you can deposit checks into your account from your office; saving what can be time consuming trips to the bank… or Lockbox systems to effectively manage payment processing for you.

3) Ask your bank about their experience working with businesses like yours. If a bank understands your business it can be more responsive to your needs. Not-for-profit organizations, for example, have special challenges related to reimbursement and grant funding that are different from the special requirements on escrow accounts for attorneys. Your bank should understand your needs.

4) If a product or service is of interest to you, but doesn’t quite work for you as offered, don’t be timid about asking for changes to suit your needs. It may not always be possible, but there is no harm in asking. Independent community banks often have more flexibility in tailoring solutions for you than larger banks.

5) A lot of banks offer relationship pricing.  Depending on the balances kept in the Bank, some fees may be reduced or even waived.  Ask your bank about how you can limit your banking costs.

6) You may also reduce costs by consolidating accounts or switching to different types of account. Your banker should be able to help determine your best options.

7) Establish a main point of contact at your bank. This person should be familiar with your business and your accounts to assist you without having to reintroduce yourself every time you call. It can also help you avoid having to navigate impersonal voice answering menus prevalent at many banks today.

8)  Lastly, confirm that your bank is well capitalized, safe and sound to protect you and your business.

 Hudson Valley Bank
2505 Main Street
Stratford, CT 06615
Tel: (203) 883-9993