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Thinking about Changing Banks for Your Business?
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Thinking about Changing Banks for Your Business?

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Here’s How Your Community Bank Can Help

Finding the right business banking partner for your company took time, energy, and patience. You had many options to consider; Ohio is home to more than 200 federally insured banks, not including branches of ‘big’ banks. Now that you have an established relationship, the idea of making a change may seem daunting. But if your needs have evolved and you’re considering moving your business banking accounts to a new bank, you don't have to do it alone. Community banks like Consumers National Bank are here to help.

Recognize the Signs—You May Need a New Bank for Your Business

If you’re unsure about whether it’s time to switch banks, look for the following signals:

  • The number of monthly transactions your company handles is growing and consistently exceeds the amount allowed by your current business bank account.
  • You’re incurring more fees for business bank account features like ACH transactions, wire transfers, overdrafts, or spending limits on credit cards.
  • You’re struggling to get the service you need to run your company effectively, whether it’s a better mobile app, comprehensive online banking, or business financing

The bottom line? If any aspect of your business banking relationship makes it difficult to achieve your goals, it's time to transition to a different bank.

Steps to Starting Your Business Bank Transition

While you’ve got plenty of options for banks in Ohio, a community bank like Consumers National Bank recommends using the following guidelines to simplify switching to a new bank for your business needs.

  • Research business bank accounts to find features that align with your company's operating model, such as:
    • Number of monthly transactions
    • Minimum balance requirements and any monthly fees
    • Availability of features like online banking, cash management, or treasury services

Look for a banking partner interested in learning about your business and goals. The Consumers National Bank team will ask questions about your customers, employees, and suppliers to ensure we develop a personalized business banking program that fuels your success.

  • Connect with representatives at the bank that offers what your business needs, and ask a few questions:
    • Will my company have a team to support us? Ideally, you'll want to meet the local branch manager, a lending officer(s), and an operations manager who will manage your accounts.
    • What kind of service can I expect from the bank team? At community banks, including Consumers National Bank, you should have email addresses, phone numbers, and backup contacts, so you're confident that you'll get help when you need it.
  • When you find the bank that fits your needs, apply for the new business account, or ask if a transfer kit is available.
    • You’ll want to identify regularly occurring transactions that you need to transfer.
    • At Consumers National Bank, our team will help navigate the process and timing of additional changes such as:
      • Payroll and direct deposit for your team
      • Recurring payments to suppliers or vendors
      • Automatic invoicing for customers
    • Consult with other small business owners you know and trust. It’s always good to hear which banks your peers are using for their business banking needs - and chances are if they are being taken care of well, so will you. If you’re interested, we have a growing list of customer testimonials to review on our website.
    • Finally, you’ll need to notify any parties that use your bank account about your new account details. It’s a good idea to review the last couple month’s worth of bank statements for automatic transactions that are either coming out of or

To learn more about business banking at Consumers National Bank, contact us today or visit one of our local Ohio branch offices. We look forward to finding out more about your business and becoming your community bank.

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