Strengthen your bank relationship and pay less for bank fees.
You need your bank, but the more services you use, the more fees you pay. It’s only natural that you would want to reduce your bank costs while getting the services you need and protecting your bank relationships. As banks struggle to compete in today’s low interest rate environment, they depend on fees to grow profits. If you don’t have the treasury expertise to manage and reduce your bank fees and other complicated banking structures, you may be at their mercy. Lending, account management, depository services, ACH, wire transfers and other services are integral to your business operations. You can even reduce credit card processing fees.
Does your business spend thousands of dollars (or more) on bank fees?
Do you know you can negotiate to cut your bank fees and treasury services? There are more than 2,800 potential fees that a bank can charge for your business account services. Banks charge fees for account maintenance, depository services, withdrawals, transfers, ACH, wire transfers and more. Some fees apply to all customers, and some are waived based on your bank relationship, assets and liabilities, or tiered volume pricing. There are one-time fees and ongoing fees. Some are charged at the time of the transaction, and others are charged monthly or quarterly. It can be hard to keep track!
If you don’t have an experienced treasury expert, your fees are adding up faster than they need to, and that hurts your bottom line. SIB has the expertise, and we can leverage it to improve your banking relation while saving you money.
You have options to pay less for the same banking services.
It’s important to understand that a solid long-term relationship with your bank is no guarantee your business is getting the best rates. It’s smart to review your banking relationships and fees periodically, but most business managers do not have the time or information needed to achieve best-in-class pricing on their own. Sometimes the best way to get what you pay for—and preserve your bank relationship—is to let an expert intervene on your behalf.
SIB has been working with businesses like yours to streamline and lower bank fees without cutting services or threatening your bank relationship. We will provide you with a trusted, experienced bank and treasury consultant who understands your business’ financial goals and how you use your bank. Your bankers appreciate talking to someone who knows the ins and outs of treasury management, and we know the industry secrets.