Could it be time to change your bank?

Sometimes the only way to improve your relationship with your bank is to leave.

Clearly this is a decision not to be taken lightly. In this section we highlight some of the benefits and disbenefits of saying goodbye to your bank.

Questions to ask

• Does your manager constantly refuse you extra finance?
• Is he/she unable to provide you with good reasons for the refusals?
• Is it difficult to arrange appointments with your bank?
• Do you suspect that you are being charged relatively high rates?

Potential benefits of moving bank accounts

• Quicker and easier access to your manager
• Better rates
• More flexible terms
• Positive decision on funding request if move account
• Better understanding of your business model

Downsides of changing your bank

• Hassle of setting up new account
• Waiting for delivery of new cheque books and cash cards
• Having to negotiate new overdraft facilities
• Lose relationship with someone that understands your business

The middle way
Keep the relationship with your current bank for current account, overdraft etc and go elsewhere for additional funding

Benefits of the middle way

• No upheaval to your basic banking facility
• Freedom from a restrictive single policy
• Opportunity to cherry pick the best rates and terms

The Middle way in conjunction with the services of a broker

• Speed up the finance raising process
• Increase options
• Save personal business time
• Opportunity to benefit from even better rates and terms due to the negotiation expertise of the broker.

Part of the series:'If the Bank Says No!'

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