Dec 20, 2013

4 Mistakes you can make in Your Relationship with Banks

Although it is a necessity, working with banks can prove to be extremely exhausting and confusing at the same time. It is true that banks are there to help you when you cannot help yourselves. They give you a hand when you need it, but they also take everything from you when you cannot pay your debt.

There are two ways that your relationship with your bank works. On one hand, things work out smoothly, and your relationship is based on trust and respect. On the other hand, each of you tries to cheat on the other one and misunderstandings occur. Either way, here are the mistakes you should avoid when it comes to bank/client relationship.

Let the Bank Think for You

The health of your personal finance should be in your hand. No matter if you talk about your personal finance, or your businesses’ finance, you are responsible for your earnings and your expenses. Before signing any contract, even an account opening contract, make sure you read and understood all the terms, commissions, and risks involved. Once you signed the contracts, you cannot go back. And you all know how many times people have regretted not having read the contracts carefully before putting their signature on them.

Not Negotiating

It is true that some costs or terms cannot be negotiated under any circumstances. However, if the bank is trying to impose some conditions you do not really agree on, it is time you started negotiating. If you know how to address the problem, and if your character is strong enough, you will be able to negotiate even the simplest details. If your business grows and it works better and better, negotiation with your bank is a must.

Standing in Long Lines and Wasting Time with Cumbersome Bank Procedures

It is amazing how some people like to stay in line. No matter if they want to buy a shake, or if they are waiting at a red light, they just love to stay in line. However, when you have to run a business, time is money, and you cannot waste it standing in lines at your bank.

This is the reason why internet banking was invented. Internet banking allows you do any financial operations you want from paying your utility bills to sending money to your business partners and ordering your employees’ paychecks.

Keep a Destructive Relationship

No matter if you think about personal or professional relationships, people tend to like to be in a destructive one. The relationship with your bank is not an exception. If you do not like how your bank treats you, why do not you change it? It is your money, your time, and your nerves that have to suffer.

You can choose to have a bank to manage your personal accounts and another bank to take care of your businesses’ finances. Each bank focuses on something: profitable loans, low commissions, lower interests, etc. Think about your needs and choose the banks that fulfill them most suitably.
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