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.
