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.