Should you open a new small business bank account in 2023?

A man is sitting at his laptop at home and talking on the phone.

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That might be a sensible thing to do.

key point

  • As a business owner, it is very important to have a positive banking experience.
  • If this is not the case, you should not hesitate to switch banks.
  • Consider your bank’s customer service and fee schedule to decide if it’s time to switch.

As a small business owner, you likely spend a lot of time dealing with money, whether it’s paying your daily bills, invoicing various customers, or overseeing your company’s books. That’s why it’s so important to have a business bank account that’s right for you. If these signs apply to you, it might be time to consider opening a new small business bank account in 2023.

1. You keep exceeding your trading and deposit limits

It is not uncommon for small business checking accounts to have transaction and deposit limits set. However, if you’re constantly exceeding your own amount, it’s a sign that you need a bank account that gives you more flexibility.

Now, maybe your current bank offers a higher tier of business accounts that give you the option to make deposits and process transactions as you see fit. But if that’s not the case, then it might be time to look at other banks that might give you more leeway.

2. You are tired of expensive fees

During the course of your banking relationship, you may encounter different fees. For example, if you overdraw your account, you may be charged an overdraft fee. However, if you’re incurring increasing fees and can’t avoid it, it might be time to explore different banking options. The less money you lose on fees, the more money you can reinvest in the company or use for other purposes, such as paying bonuses to high-performing employees.

3. You’re Tired of Poor Customer Service

During the course of banking at an institution, you may run into a few hiccups. Perhaps the deposit you were trying to make was declined. Maybe the wire transfer failed.

No matter what the problem is, the way your bank handles it can make a big difference. If you are unhappy with the customer service you receive, that alone is a good reason to look for a new bank.

Likewise, if you find that it takes a long time to reach a customer service representative, you may want to take your business elsewhere. As a small business owner, you undoubtedly have many different tasks to do. So waiting 20 minutes to speak to someone at your bank is not acceptable.

Finally, maybe your bank representative is easy to reach. But it’s not very helpful if they’re consistently uninformed or ineffective at solving your problems. So, in this case, it does work to your advantage to move your business to a bank that seems to be acting in concert.

When you run a small business, you need every aspect of it to run smoothly. This extends to your banking relationship. If these factors apply to you, it may be time to consider opening a new business bank account – one that won’t limit your account activity, charge you fees or frustrate you with poor customer service experiences .

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