I am in the process of switching banks. Actually, I have been with a local credit union and I am not completely unsatisfied with the service and products, but as my life has changed and my home business has grown–I just need a little more. So, after a month or two or research, I found a new institution and I am in the process of making the switch. If I had allowed myself some foresight a few years ago, I might have picked an institution that could grow and change with me–but I was in a very different, much “smaller” head space back then…
I chose a credit union at a time when I was still working a full time “traditional” job and just starting to do a little work on the side. I wanted a place that was small and local since my long-time bank had just sold out to a big corporation and I was not happy with the loss of personalized service and the “big corporate” culture change. I had no idea that my home business would grow, and that I would take on work that involved international travel and the need for more flexible financial arrangements. So, a few months ago, after getting back from Norway, I reluctantly had to admit that it was time for a change and I needed to start the investigation process.
I have a much clearer picture of how my home business and other work figures into my financial picture now–not to mention I have become more savvy with insurance, taxes, and retirement savings for a person who works on her own. Sure, my little credit union could handle some of my growing needs, but once I threw in the international travel piece and the way I get paid for some of my business projects–I needed something more flexible and available, and more comprehensive.
I imagine there are others of you out there who might be feeling the growing pains of your businesses and wonder if it isn’t time to review your existing financial institution and consider a change. There are banks and institutions that specialize more in business clients and accounts, and others that are more local and personal. My only amateur advice is to try to think where your business is going and project out a few years so that you find an institution you can grow and change with, and not “outgrow” as I did with my little credit union.
Also: The MONEY BLOG