The Benefits of an Account Review with Your Bank

Many business owners and financial departments assume the only two times you need to contact your business banker is when you open an account or when you need a loan or line of credit.

On the contrary, one of the best ways to utilize your bank’s resources to their fullest potential is to schedule a review of your accounts and services, called a relationship review.

This type of regular check-in with Lake Ridge Bank could bring your business:

• greater efficiency
• stronger fraud protection
• more effective risk management
• possibly better rates or lower fees
• a variety of operational advantages
• improved cash flow

What triggers a review?

The business bankers at Lake Ridge Bank make an effort to meet with clients at least once a year. This type of regularity can help identify opportunities for additional support—usually at no additional cost.

However, certain circumstances can indicate that a relationship review would be beneficial, including:

• Expansion plans, such as the potential for a new building
• Large equipment upgrades
• Introduction of a new product line or division
• Changes in key leadership, including Board members
• Changes to financial personnel (retirements, exits, or new hires, etc.)
• Switching accounting or law firms
• Recent online fraud attempts or concerns
• Interest in learning about relevant services, such as Remote Deposit Capture using a scanner to deposit checks, ACH origination to make payments electronically, and one of Lake Ridge Bank’s fraud mitigation tools called Positive Pay
• Renewing your business line of credit
• Considering a new loan for any reason
• Regrouping or streamlining procedures during a slower time for a seasonal operation
  

Oftentimes, one or more of these situations will trigger a relationship review before an “annual” reminder, but you should also consider requesting a relationship review if it has been more than a year since your last conversation with your banker along these lines.

How to schedule a relationship review

We cover a lot of valuable information during a relationship review that improves your efficiency and helps protect your accounts. Something as simple as regularly reviewing who has signature privileges on each account can make a big difference in mitigating risk over time.

In addition, these in-depth conversations give us insight into how we can provide better service that matches your specific needs.

To learn more, email Lake Ridge Bank at TreasuryManagement@lakeridge.bank or contact your local business banker to schedule a meeting time.