Does anyone have a bank for their business that actually looks after them? We had an account manager at ANZ but they got rid of that position and service plummeted accordingly. We then went to the NAB and not long after we joined they moved all their account managers to a "team" model located hundreds of km away. I've got to the point where I'm thinking of leaving them as well because I can never get on to them and there is always an excuse why they haven't done what they said they would. In saying that I tried to get Bendigo bank to take over my business and they spent a month arguing internally who should look after me before I just stopped calling them. Is it just a fact now that all banks are terrible or am I just unlucky to have all these banks stuff everything up?
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If you're not happy with the BIG4; maybe see what some of the customer-owned, or smaller, banks offer for business banking like QUDOS Bank, Bank of Sydney, or Bank Australia.
You won't have the same face-to-face branch services available but I think the BIG4 are transitioning to virtual banking services anyway over the coming decade.
Hmmm hadn't heard of QUDOS. I guess I have always just been wary of the smaller banks. Branches don't worry me because we are regional and our closest bank is going down to 4 hours per day anyway. In fact doing away with branches would be better for me as it forces them to allow larger transactions over phone/internet instead of having to visit a branch. I'm more after relationship. If I call and they are busy I want someone to actually call me back. It takes me a week to get onto my manager just to hear weak excuses of why they didn't call me back.
Just after I wrote this original post I found the details of a bloke who used to look after us at NAB three years ago. He is at another bank now but I just rang him and he remembered the type of loans he organised for us, my name and my wifes, and even the street we live on. Hard to beat that. I just hope his rates are competitive....
Just after I wrote this original post I found the details of a bloke who used to look after us at NAB three years ago. He is at another bank now but I just rang him and he remembered the type of loans he organised for us, my name and my wifes, and even the street we live on. Hard to beat that. I just hope his rates are competitive....
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QUDOS Bank used to be the QANTAS Credit Union, Bank Australia used to be the CSIRO Credit Society; nothing wrong with these smaller banks.
They are customer-owned banks which mean the members actually own the bank. The service is generally better with the smaller banks as you're not treated as just another number; also they have the same government deposit guarantees as the larger banks.
tech/a
No Ordinary Duck
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With CBA
Have a dedicated Business banker
They take us to the footy
Car races all sorts
I’ll take anything they give us
Pre approved plant allocation and amazing interest rates
Just purchasing a $250k piece of plant at under 3 % p/a
All other loans very very low
we don’t run an over draft I think this helps
I’ve tested the waters a few times but no one close
Have a dedicated Business banker
They take us to the footy
Car races all sorts
I’ll take anything they give us
Pre approved plant allocation and amazing interest rates
Just purchasing a $250k piece of plant at under 3 % p/a
All other loans very very low
we don’t run an over draft I think this helps
I’ve tested the waters a few times but no one close
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I just come from a middle class family.
Big ideas with not many friends; and lots of grubs watching that want me to fail.
tech/a
No Ordinary Duck
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We ALL are born naked and penniless!
Anyone who decides to have a go at controlling their financial future deserves
support.
you'll soon learn to ignore the knockers.
Some suggestion
Banks are the VERY BEST Business partners
(1) They don’t want to share your profit
(2) They don’t want a wage
(3) They don’t interfere in your business decisions
(4) They don’t want any of the increase in equity you build
They do want their interest on their capital paid.
Right now that’s not a lot
(1) it’s tax deductible
(2) you can claim depreciation on plant
So when your talking to a business banker your talking to a very strong
possible financial partner.
Money makes Money and banks have plenty of it.
Like any business partner they need to know you can
(1) service the loan —- pay it back
(2) have enough equity in your business to secure their investment so in a worst
case scenario they can come and get it
Understand That their due diligence in determining viability is just good business
you’ll be doing exactly the same when checking out Debtors With Credit checks.
It takes time
just like a first home loan
(1) You need to prove continued profitability
(2) You’ll need to develop a track record with any loans or overdrafts
Once you have this you will have a very strong partnership with pre approved
limits you can have sitting there to take advantage of business opportunities or
projects that seem out of your reach.
Go for it
It’s worth the effort for you AND your future employees!
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I have to second @tech/a
CBA i got premier service and while it is only a shade of what it used to be, i got that specific treatment and that makes all the difference.my business did not really need much bank help but cba was here when needed
But you pay for the services via exchange rates, fees etc
tech/a
No Ordinary Duck
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Similar with NAB 1987
Owed 7 figures interest 18% wasn’t able to hit payments so charged a further 6% penalty interest —- pretty smart I thought!
Was served soon enough lost all but business property.
learnt a lot from that.
Banks have also learnt a lot since then
The idea of financial partners was
“ only when in good times “
Innbusiness we need financial partners through both good and bad
Some banks understand this NOW
Developing a strong relationship with a big institution is pretty well impossible as your personal Banker who you can develop a strong business relationship with can and do move on!
Put yourself in a position to be self sufficient
Use banks for temporary bulk funds
Use their money to make you money .
Don’t use it to keep you a float!!!
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indeed, sad but unavoidable
