Top 3 Questions to Ask to Evaluate your Business Banking Relationship
October 9, 2023
Written by Michael Gambatese| Vice President / Private Client Relationship Officer
A lot of business owners I meet nowadays seem to be fixated on a bank’s technology as a major factor in their decision-making process, but what happens when a live person is needed? Fancy technology features are important, don’t get me wrong, but business owners also need to factor into their decision the relationship they have with their bank’s employees and the safety of their funds. I suggest that you ask three important questions which I feel are crucial when deciding on what bank best fits your business banking needs.
Will I be provided with a Business Banking Relationship Team or Manager?
This area is very important in my eyes as it has several parts that are important for business owners to understand. When a new opportunity arises to purchase a building, will you have a relationship with your lender to contact right away? If an issue arises that has to do with fraud, will you have a relationship with your local branch manager to begin to resolve right away? If you have a vision of where you would like to take your business within the next 5 or 10 years, will you have a Private Client Relationship Officer who will work alongside of you to assist in making your vision come true? These are just a few of some very important questions a business owner should ask to ensure they are respected as a customer and not a number. You want to ensure that there are real people with whom you have a real relationship at your bank who is focused on helping you prosper.
Are major decisions discussed and made locally?
Business owners at first are usually confused by the fact that this is an important question until they start to uncover that their bank is not active within their community and does not understand the dynamic of their community. This is important especially for lending purposes as a local lender will understand a business owners’ vision much more clearly and will be able to provide their underwriting teams with a much better picture. This places a business owner in a much better situation than having someone sitting in a board room a thousand miles away making these decisions without being able to understand the local environment.
What type of products and services do you offer to ensure my funds are protected?
Lastly, investigate what products and services are being offered not only regarding rate or yield, but also from the perspective of protection end as well. As we all saw with the recent bank failures, rate should not be a business owners’ number one concern; that mindset needs to shift to focus instead on protection of their hard-earned funds. Be sure to inquire about whether the bank offers Insured Cash Sweep Accounts, Positive Pay, or any other product or service that has the safety of your funds as a top priority. I always tell my clients that it is a good feeling to earn interest on their funds, but a great feeling to have the peace of mind that their money is safe.
In summary, your business banking relationship should be one of the most important relationships you have. Use these questions to ensure you’re finding a partner who has your best interests top of mind. Better yet, email me and I’d be happy to hear what’s on your mind and share my answers with you.
About Michael:
Michael Gambatese is a Vice President/ Private Client Relationship Officer at Kearny Bank. Gambatese earned a bachelor’s degree from Montclair State University and is focused both on northern New Jersey and New York. Immediately prior to joining Kearny Bank, he held a management-level position with Investors Bank. Before that, he was a Vice President/ Senior Relationship Manager with the Bank of New Jersey. Gambatese is a member of the North Jersey Chamber of Commerce and the Meadowlands Chamber of Commerce and is Allied Banking Partner of the Brewer’s Guild of New Jersey.
Contact Mike today to learn more about how he thinks about building business relationships.