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Shopping for New Bank Could Be In Your Best Interest

By Eugene Peterson

If you’re anything like my typical client, you use one bank that you’ve been very loyal to for a long time. Today, ask yourself the question:  “Would it be beneficial to work with two banks?”  Times are changing.  Banks change – and if we’re smart, we change, too. You may remember when bankers loaned money, gave lines of credit and even allowed unofficial daily floats based on a client’s character, work ethic and potential. But now, those personal relationships with bankers are quickly disappearing as one bank gobbles up another. Profitability and market share are now their top priorities, instead of taking care of “the little guy.”  If you haven’t done so, now is the time for you to establish relationships with a minimum of two banks.
Here are a few good reasons:
1. Banks are comforted by the presence of another bank.  It confirms that they’re dealing with a good client.
2. When a bank knows it’s in competition for our business, they find better ways to serve us.
3. We use a variety of suppliers and subs who want our business – why should banks be any different?  If you’ve been struggling with endless demands from your bank, then it’s time to find a real banker, not a bank.  Remember that times do change. Perhaps now is the time for your reliance on one financial house to change, too.