3 Signs You've Chosen the Wrong Small Business Bank Account

Is it time to do your banking elsewhere?

There are a number of important decisions you'll have to make as a small business owner. These include where you'll set up your business, what vendors you'll use, who you'll hire to help run your business, and where you'll do your banking.

The latter decision is something worth putting a lot of thought into, because chances are, you'll use your small business bank account on a regular basis. But there may come a point when you grow unhappy with your business bank account. And if these signs apply to you, it may be time to close your current small business bank account and open a new one elsewhere.

1. You're being hit with numerous fees

Banks make money by imposing different fees on customers. But those fees could really eat away at your business's profits, so that's not something you want. If your bank keeps hitting you with different fees, whether it's account maintenance fees or fees for having your balance dip below a certain threshold, then it may be time to move your money over to an account that won't cost you as much.

2. You're not getting great customer service

Small business owners often need more hands-on customer care than everyday customers. But if you're finding that your bank's customer service team leaves much to be desired, then that alone is a good reason to make a change and go over to a new bank.

Keep in mind that friendly customer service doesn't automatically translate to great customer service. It may be that your bank employs nice people who know what it means to offer up service with a smile. That's a nice thing in theory. But if those customer service representatives usually fail to address your issues, or you consistently experience long wait times to get the help you need, then it's time for a switch.

3. Your transactions keep exceeding your bank's limits

Some banks impose limits on the number of transactions you can make in a day, week, or month. But if your business tends to process a lot of transactions, you might exceed those limits and run into trouble. If that's the case, it pays to move over to a bank account that will offer you more flexibility -- and also, allow you to run your business the way you need to without having to count transactions all the time.

Don't settle for a bank account that just doesn't cut it

It's really important to find a small business bank account that serves you well and makes it easy to keep your venture running. If your current bank has been letting you down, don't hesitate to find yourself a better one.

You may, in fact, want to talk to fellow small business owners in your neck of the woods and see where they do their banking. Getting recommendations is a good way to start the process of finding a new bank, even if your specific needs differ from those of the people you're talking with.