Your Mid-Year Business Banking Checklist
The following business banking checklist is intended to support your team’s mid-year review, as we gear up to enter the last two quarters of the year! As you review the checklist, it’s our hope that you’ll also be able to identify any new or existing needs that your business is experiencing. Our business bankers are always available to help you navigate through these needs and identify solutions to help you maximize the last six months of the year.
ASSESSING YOUR EFFICENCY |
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| ☐ | Do you have to conduct banking transactions in person or are there remote solutions that can streamline your process? |
| ☐ | How can your business process payroll more efficiently? |
| ☐ | How long does it usually take to reconcile your bank accounts? Is this process streamlined across multiple platforms? |
| ☐ | Do you have to deposit checks at your bank’s physical location or do you have a remote system available? |
| ☐ | What innovative banking solutions/technology have you implemented into your financial processes? |
FRAUD PREVENTION |
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| ☐ | Do you have a system in place to prevent unauthorized checks to be processed through your accounts? |
| ☐ | How easily are you able monitor and track your accounts? |
| ☐ | Does your current bank allow you to store financial records in a safe and secure location for up to two years? |
| ☐ | Are you able to approve or deny ACH payments directly from your mobile phone? |
| ☐ | Do you have the ability to disable and enable business debit and credit cards from your mobile phone? |
| ☐ | Is your company’s Purchase Card program for employees supported by high-level monitoring and tracking systems? |
| ☐ | Are your current business bankers thoroughly trained in fraud prevention? |
DEPOSIT AND PAYMENT SOLUTIONS |
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| ☐ | Are you able to process multiple checks from the comfort of your office? |
| ☐ | Do you have an efficient process to manage your payments to vendors, creditors and others? |
| ☐ | Is your purchasing card providing you with significant rewards and rebates? |
| ☐ | Are your business bankers dedicated experts in your industry and its markets? |
| ☐ | Is your current online business banking system fully equipped with a number of functionalities that reduce the amount of time spent at your bank? |
BUSINESS LOANS AND LENDING SOLUTIONS |
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| ☐ | Do you have access to a revolving line of credit to support your business growth? |
| ☐ | Does your bank provide routine check-ins with their commercial lenders to insure services are meeting needs? |
| ☐ | Does your current bank offer Owner-Occupied Commercial Real Estate financing with up to 90% financing? |
| ☐ | Is there a Business Checking overdraft line of credit to help you protect your business from “insufficient funds” fees? |
| ☐ | Have you been able to refinance and consolidate your existing loans for a lower interest rate? |
Feel free to download the PDF copy of the mid-year business banking checklist here!