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Communicating With Your Bank
Written by: Ric PhillipsArticle Overview: Entrepreneurs need to be prepared with facts and effective communication skills when they visit their local bank, or when a new banking relationship is being established. Do not take it lightly. Follow this quick advice to get the most out of your relationship with your bank and bank managers.
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Communicating With Your Bank
Sometimes we assume that the bank will help us make the right decision for all our banking and investment needs. After all, is that not their job?
Well yes, but their job is also to make money for the bank. The bank takes our money and invests it to make its own money. Fair enough.
So how do you know whose interest they are serving?
Here's my advice:
1 - Do your homework. Find out ahead of time (online, brochures, friends etc.) what are the typical fees, types of accounts, investments, mortgages, interest rates etc. Come prepared knowing the fair market value and special deals going on.
2 - Establish a relationship. Do not just see any banker. Find someone you like, or if you have no choice, establish rapport with your assigned account manager. Smile, shake hands, get a card, chit-chat and invest in the relationship. You might be surprised how far a little charisma gets you around fees.
3 – Ask questions. Remember that this is your money. Do not passively let the bank put you into an account that has higher fees for services that you will not be using. Do not get a higher interest rate credit card when there are lower ones available. Be polite at all times, but ask questions. Only pay the fees you have to and find out how to minimize them.
4 – Talk about the future. You may just be going in there today to set up a simple savings account, but talk about your future mortgage, retirement savings, investments or line of credit. Both you and your manager should understand that you need each other, and can have a productive, profitable future together if you are honest and upfront with each other.
5 – Communicate confidence and success. Dress nicely, sit properly, speak clearly and confidently, no matter how much money your bank account has or is lacking. Ultimately you are selling yourself, and we all know that financial situations change frequently over time. Make them trust you and believe in you.
6 – Lastly, do not wait for a rainy day or a crisis to hit to ask for money. When you have money and a good credit rating, that is the time to get a loan, line of credit or card. Be disciplined with its use, but the fact is it’s much easier to get money when you have it than when you do not.
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Article Tags: bank managers, effective communication skills, finances, local bank, money management, relationship
Referred by: http://www.eslincanada.com
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About the Author: Ric Phillips RSS for Ric's articles - Visit Ric's website  We specialize in executive & management coaching, staff training & workshops, and English communication assessments for recruiting purposes. All coaching and training use our unique 3V system to focus on the 3Vs – Verbal, Vocal, and Visual communication skills. Our program specialties are First Impression Management, Body Language, Communicating with Confidence, People Management, Public Speaking & Presentations, Persuasion, Conflict Management, Business English, Accent Reduction, and Industry-Specific Communication Assessments. More info can be found at http://www.3VCommunications.ca Click here to visit Ric's website  
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You can see my Bank statement.........
- Hi there,
Today we are bombarded with 'Business Opportunities' by the multitude.
I believe it is possible to earn a lot through the internet, but it is hard work. Nobody gets it very easy on a long term basis.
[b][b]How much notice do people take[/b], [/b]when the Bank Statements are shown as means of 'how credible' their business idea is?
Are they always totally true? They look authentic.
The whole industry is growing rapidly.
What is your experience? Is there any regulation in presenting the 'Bank Statement' or other statements from 'Click Bank' etc ?
Kindest Regards
Beat
"Unlock People's Potentials!"
BDC
- [quote="IWDCanada":jib6tqt9]I think if you try to do business in the Maritimes the Business Development Bank of Canada might be able to provide grants.[/quote:jib6tqt9]
On that note, does anybody have any experiences with the Business Development Bank of Canada that they would like to share? I have been considering approaching them for a business loan.
Re: BDC
- [quote="Jones":255lkmrn][quote="IWDCanada":255lkmrn]I think if you try to do business in the Maritimes the Business Development Bank of Canada might be able to provide grants.[/quote:255lkmrn]
On that note, does anybody have any experiences with the Business Development Bank of Canada that they would like to share? I have been considering approaching them for a business loan.[/quote:255lkmrn]
I'll be working with the BDC later this month on a few projects. From what i've been told they are really great when it comes to small business. Their loans have a little higher interest but their payment terms are a lot easier to swallow. I can give you a contact if you need.
Re: Interrealtionship between financial statements
- Hi there,
It is not necessary to post each transaction in all of the separate financial statements. In any given transaction, you will post an equal amount of debits and credits to the associated accounts. An example would be if you were to write a check for $500 to office depot for office supplies. The posted transaction would be:
DEBIT Office Supplies $500.00
CREDIT Bank Account $500.00
Once the transaction is posted, it will automatically show up on the appropriate financial statement report. In the above example, you would find the Bank Account transaction on the balance sheet and the office supplies transaction on the profit and loss statement. I hope this is clear!
Please let me know if you have any other bookkeeping questions. I would be happy to help,
Stephanie Horne
Re: Character Design - using it effectively in marketing
- Hmmm... I wonder if that's what Royal Bank of Canada is doing with the animated character of the man in a bowler hat?
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