Which bank has the right account for your Company?

This first week of November, I wish we start a review mirror, Ever thought about what your corporate bank account says about your company? Ever thought about whether you opened the right bank account for your company?

This will be the basis of this week’s article.

I will take you through some of the questions you should ask yourself before you decide to open that bank account, or the things to check for on all those bank accounts that you already have opened for your Company.

A corporate account is an account that is not a personal account, could be for business, a limited company, or a consultancy.

Today I discuss some pointers you may need to consider before you go open a corporate account, and if you already have one, worry not, use these pointers to re-evaluate your bank account, and if you find that after reading this and going through your bank services you are not satisfied, there’s always an option to close it and open a new.

Let me breakdown these pointers now, shall I?

~ Efficiency – this you can look at it from two directions;

a) Do you have/need an account manager assigned to your account?

b) How efficient is the online transfer platform?

~Credit Facility – What are the requirements for you to acquire a loan? How long does the loan process take? Does your account allow you to overdraft?

~ Accessibility – This also has a two-way perspective;

a) Geographically, how accessible are the banking halls, like there is one bank that has its offices only in the cities and not in each town, and there is a bank that has its banking halls in almost every estate.

b) How are the operating hours, you want to know how many hours in a day you can walk into a bank and get the services you desire, there a bank that closes at 2000hrs while most close at 1700hrs, this gives you more time to get your financial or banking work done with ease.

~ Withdrawal Options – at this point you want to know what are the withdrawal options available to your account, could be cheque, ATM, Transfer from bank to phone, you also want to know is there a daily limit on how much you can withdraw in a day, can this be altered? How often can you alter it? What is the process of altering that limit?

~Target Client – who are your target clients or customers, this is important to consider, before the next point, because some clients may consider your bank choice as an interpretation of your traits.

~Security – this is for mostly online transfer options, how does the pin reset work, in this case, there a bank that has a ‘remote access’ gadget that you use to reset the pin on any online transfer function that you do, now this can be a good thing as it assures more security to your money.

~ Public Image or Perception – In the corporate world a bank account actually speaks about your company, so before you open one get to understand what reputation that bank has built for itself in the public arena, some have a prestigious title while others have money laundry history following them.

Mbugua & Associates.


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