Should You Get a New Small Business Bank Account in 2023?

It could be a smart thing to do.

As a small business owner, you probably spend a fair amount of time dealing with money, whether it's paying ongoing bills, invoicing different clients, and overseeing your company's books. That's why it's so important to have a business bank account that works well for you. And if these signs apply to you, it may be time to look at getting a new small business bank account in 2023.

1. You keep exceeding your transaction and deposit limits

It's not uncommon for small business checking accounts to come with transaction and deposit limits. But if you keep exceeding yours, it's a sign that you need a bank account that offers you more flexibility.

Now, perhaps your current bank offers a higher-tier business account that will give you the option to make deposits and process transactions as you see fit. But if that's not the case, then it's probably time to look at other banks that may give you more leeway.

2. You're tired of costly fees

There are different fees you might encounter in the course of your banking relationship. If you overdraw your account, for example, you might be hit with an overdraft fee. But if the fees you're incurring keep adding up and can't be avoided, it may be time to explore different banking options. The less money you lose to fees, the more you can reinvest in your company or use for other purposes, like giving out bonuses to staff members who go above and beyond.

3. You're tired of poor customer service

In the course of banking with a certain institution, you might encounter your share of hiccups. Maybe a deposit you tried to make got rejected. Maybe a wire transfer failed.

No matter the issue, the way your bank handles it makes a big difference. And if you're not happy with the customer service you've received, then that alone is a good reason to find a new bank.

Similarly, you may want to take your business elsewhere if you find that it takes a really long time to be connected to a customer service representative. As a small business owner, you no doubt have a lot of different tasks on your plate. And so waiting on hold for 20 minutes to speak to someone at your bank just isn't acceptable.

Finally, perhaps your bank's representatives are easy to reach. But if they consistently aren't knowledgeable or efficient in resolving your issues, then that's not very helpful. And so in that case, it could really benefit you to move your business over to a bank that seems to have its act together.

When you run a small business, you need every aspect of it to run smoothly. And that extends to your banking relationship. If these factors apply to you, it may be time to look at getting a new business bank account -- one that doesn't restrict your account activities, charge you fees, or leave you frustrated as a result of a poor customer service experience.