0816_TOEFL-Test-and-Score-Manual-1997

Money Matters ● 49
Despite these drawbacks, it’s still possible to find a good business banker,
especially at a community bank like Montecito Bank & Trust in Santa Barbara.
I’ve been working with the team there on a variety of marketing projects and
they really do care about their customers. Choosing a banker is like choosing
a good doctor. You want someone who is competent, personable, and a
good listener. Your banker should be a member of your management team.
What you need from a bank changes depending on where you are in
the business life cycle. In the first year or two, you’ll probably need a business
checking account, a savings account, and, if you process credit card orders,
merchant card services (see Great Idea #50).
Other services to consider:
• Letters of credit (domestic and international)
• Notary public service
• Traveler’s checks
• Commercial line of credit
• Small Business Administration–guaranteed loans
• Wire transfers
• Direct deposit of payroll checks for employees
• Payroll tax deposits
Some tips on finding the right banker:
1. Ask friends and colleagues to recommend their favorite bankers. Many
bankers move around, so if you find someone you like, you may be
forced to follow that person from one financial institution to another.
2. Set up interviews with a few potential bankers. Meeting face to face is
critical to making an informed decision. Ask for references, and call
other clients.
3. Open your accounts and, if possible, link your checking and savings
accounts together.
4. Ask for perks. If your deposit is large enough, you’ll probably qualify
for a free safe-deposit box, free bank checks, and so on.
5. Once your money is safely tucked away, invite your banker to visit your
office and meet your team.
6. If you can’t find a reputable local bank, consider a “nonbank” alternative,
like a brokerage house.