An individual’s or business entity’s relationship with a bank can be a critical component of a successful business operation. A banking relationship should be more than checks, charge card accounts, wire transfers, loans, lines of credit, and mortgages. A truly good banking relationship can assist in establishing relationships with new vendors, customers or other businesses in the same or similar types of businesses located in your area or other locations.
Choosing which bank is the important initial step. Pick a bank that is convenient for you and your business that offers the services you or your business are likely to need and use now and in the future.
Larger banks tend to offer more choices, but they tend to be less personal. It often is difficult to develop a long-term banking relationship with a specific banker due to frequent transfers of banking personnel. A smaller “community” bank, while typically offering fewer choices, tends to create better long-term working relationships with its customers.
The time to begin a banking relationship is now, especially if you do not have an immediate need. Getting to know a banker and having that banker get to know you and your business takes time to develop and cultivate. By starting to build a relationship now, you will begin creating a business relationship for the future when you have a specific need. Remember, it takes time to build mutual trust, so, the sooner you start the better.
A bank and its officers can be a valuable source to refer you and your business to others who may use the services or products you or your business provide. A referral or reference from a banker promotes an immediate level of trust That is far superior to a “cold call”.
Not every bank is a good fit for every business or individual. Do your homework in deciding which bank is the best fit for your banking relationship. And, remember a good banking relationship with one bank is a valuable asset. A good banking relationship with two banks is even better.
The attorneys of Katzman & Katzman, P.C. have represented banks and businesses for over forty years in Indianapolis and the Midwest. We have long established relationships with many banks in our area. We are ready, willing and able to work with and help you in selecting the right bank and starting your banking relationship.
Alvin J. Katzman, Managing Partner
KATZMAN & KATZMAN, P.C.