4 Ways Your Banks Kill Your Business

Banks Tricks that Kill Business
A Lady who is shocked after discovering a secret

The growth of your business hinges on your choice of banks. However, patronizing banks whose staff don’t treat your transactions as much important as you want could be one of the tricks financial banks use to make huge profits.

What they do is to delay your money from leaving the bank, which would likely frustrate your business. While your business suffers each time you don’t get your money promptly, they make more profit.

The moment you make a deposit, the bank begins to use it to trade.

The fact is, since banks don’t pay interests on the deposit you make, the longer the money stays with them, the better for them.

Meanwhile, when you can’t have quick access to your money, there is a way it affects your own business.

For that reason, you need to consider the following factors before choosing your bank:

Customer Base

If your bank has a large customer base than what it can manage, and your kind of business depends on instant transactions, your choice of bank should rather be the one that has efficient staff strength supported with a very strong internet service.

Otherwise, won’t be able to determine the period your transaction will take before it completely succeeds.

The need to consider this factor is to ensure you don’t disappoint your business partners when you need to make instant transactions. Safeguarding your business relationships would boost your reputation as well.

As a good entrepreneur, you must be able to have the insight of when your business transactions will complete to avoid logistic problems.

Type of Transactions

Let’s say you have a transaction you must make in less than an hour and you get to your bank where you meet an overwhelming crowd, there’s no way the transaction will be made as expected.

Not meeting up with time may always lead to a misunderstanding between you and your partners.

So, avoid crowded banks for instant transactions.

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For example, Fast Track may not work in such a circumstance if there is a long queue in the bank. That is the moment you regret having an ATM card and you can’t use it.

Size of The Bank

Consider the staff strength of your bank and its structure in terms of space.

Banks that are short of staff are not the only ones that unnecessarily delay customers, those that have a large numbers of staff are worst if they don’t fully staff strength isn’t fully utilized.

If your bank isn’t spacious, the environment won’t encourage other customers to be in order. As a result of that, the environment would be chaotic as some customers won’t like to join the queue.

That’s why you would go to some banks and you would be scared to enter when you see other customers hanging here and there sweating and waiting for their turn. Some would be complaining of body aches since there is no provision for them sit.

Such bad experience can make you spend your whole day or thereabouts in a bank because of a single transaction.

So any bank that has a large customer base without enough space would usually disappoint you.

  1. Efficient Internet

Since the internet has been incorporated into the banking system, there’s virtually no transactions a customer can make from his bank without a strong and steady internet service.

So, if your transactions have to be made instantly, it is unwise to patronize banks that usually have internet problems.

In a nutshell, when you need to open a bank account, the kind of bank you approach matters to your business.

Do your research very well, and make sure you consider those four factors before choosing your bank.

Your business needs you to make a good decision at every point of your transaction.

The smart choice to make is to consider the bank that has efficient customer relation service. It is only with such banks that your own business too can grow.

What’s your own view about your bank? Please use the social buttons to share this post or fill the comment form and submit your comment below.

Thank you.

Banks Tricks that Kill Business
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