NFIB

Communicating With Your Bank
08/ 20/ 2002

by Vicki Gerson

Here is some advice that should help small business owners communicate more effectively with the financial institution of their choice.

Who should you call?

When calling a bank for the first time, ask for the president's office. Although you actually won't get to talk to the bank president at a larger institution, you will get to speak to his secretary, who should be well informed and able to answer your questions. Don't leave a voice message, as the secretary doesn't know you and may be too busy to return your call.

How to handle call transfers.

Larger banks will always transfer your call or put you on hold. Make sure you ask for the name and direct line of the person you are being transferring to. That way, if the call is disconnected, you wonÆt have to go through the whole process all over again.

What to do about complaints.

Let's say that your bank has made numerous mistakes on your business checking account, and these mistakes aren't being rectified in a timely manner. Talking to lower level employees will probably not solve your problem. Write a letter of complaint to the bank president and upper-level management.

After you have sent your letter of complaint, follow up with a phone call. Be sure you have sent letters to the person in charge of your branch, the president's office, the loan officer and anyone else at the bank who could be a party to your problem. Call each of these people and ask if they received your letter and how they plan to solve the issue.

Get a bank customer referral.

Regardless of what business you are in, referrals are important. When a good bank customer provides you with the name of the person you should be talking to at the bank, you will get good service. Start your phone call, "Hello, Mr. Goodwin. My name is Jack Kroll, and your customer Edna Jones, president of Jones Plumbing, said I should call you. I'd like to make an appointment to see you." You will receive the attention you deserve because Mr. Goodwin doesn't want you telling Edna Jones about the shoddy service you received.

Consider using a smaller bank.

If you desire more personalized service and open communication with the president and vice president at the bank, consider using a smaller bank. It may be more in line with your style of doing business than big banking.

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