What’s the difference between a bank and a credit union? What are questions to ask a bank when deciding to open a new business account? Though deciding which bank is right for your business may feel overwhelming, it doesn’t have to be if you know what to look for and understand how a bank can help your business grow and thrive.
In this episode of Financial Cents, Tom Kaupie, senior vice president and regional commercial manager, joins host Brent Cannon, executive vice president and director of community banking, to discuss the key differences between banks of different size, what a business owner should be on the lookout for, and what questions a business owner should ask when vetting banks for their business. What you should look for, according to Kaupie, is finding a bank that isn’t so small that your business will outgrow the products and services it offers and isn’t so large that it’s difficult to have a relationship with your banker.
What it all comes down to, according to Brent and Tom, is making sure your bank will be able to support your business as it grows and becomes more sophisticated. As your business evolves, so will your banking needs. At the same time, you’ll want to make sure you’re working with a banker that can offer insights and knowledge.
“If your bank is not providing some kind of consultation,” Brent explains, “if they are not helping you bridge the gap between what you know, what you don’t know, and what you don’t know that you don’t know, it may be a good cue for you to look for another bank.”
Financial Cents is hosted by Brent Cannon and features insightful interviews and discussions with bankers at National Bank of Arizona. Based on decades of banking experience, Financial Cents provides the insights you can only get from a friend in the business.
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