If your organization’s bank offers to conduct a “financial checkup” it could be beneficial to take them up on this review. To maximize your efforts, your team should come prepared with the right questions to ask during the meeting to ensure your organization is getting the right mix of services.
Here are three questions to ask your banker:
- Do we currently have any redundant services/accounts?
As your organization evolves, so do your banking needs. Whether you’ve opened new locations or streamlined your brick and mortar efforts to reduce overhead costs, you may need to adjust accounts/services to reflect such changes. Ask your bank representative if any accounts should be closed out or services that should be consolidated, so you are not paying for services that aren’t being fully utilized.
- What is the function of each specific service we have?
This also is an opportune time to have your banker explain, in detail, each service that your organization currently uses, which can help you determine if it still fits your requirements. Your bank representative can also outline any changes in fees or other aspects that should be taken into consideration. If it has been a while since you’ve reviewed your organization’s banking services, a bank representative may also suggest services that he/she believes might be a better fit for your organization’s current needs.
- If we accept a new product/service, what previous services are being replaced?
If your bank representative suggests a new product or service, you should weigh the pros and cons against the services that you already utilize. You should also ask if the current service being promoted replaces any previous services that your organization was utilizing. This can ensure that your organization doesn’t have redundant or overlapping services and also ensures that your bank representatives sufficiently explains why a new product is a good choice for your organization.
Your conversation with your bank representative can help you determine what services can be adjusted or streamlined to best suit your business going forward. During the review, if there is something that you don’t understand, don’t hesitate to speak up and ask for clarification. You should feel confident that the services your organization is utilizing are the right fit.