Of the many perks that come with choosing a credit union over a more traditional banking institution, the opportunity to develop a personal relationship with your banker is at the top of the list. Creating a relationship with your financial institution is critical to your success, as your bank plays a large role in your small business. Here are four key perks to look for when developing a relationship with your banking institution.
1. Better loan or financing rates: If you’ve established and maintained a relationship with your credit union, the chances of receiving a loan are much greater than a small business that has no relationship with their bank. And, when you have a relationship with your banker, they can assist with all the forms and applications that come with applying for a loan.
2. An advisor you can trust: When you create a solid relationship with your banker, you’re also gaining a trusted financial advisor. Your banker can help you review your finances and will be available when you have questions or concerns.
3. Networking and references: Your contact not only works with you, but with a variety of people and businesses in the professional world, so they could be a great way for you to connect and network with others. When they have a relationship with you, they will also feel more comfortable referring your services to their other clients, and vice versa.
4. Assistance in emergencies: A bank is more likely to help you in times of need if you’ve developed a personal relationship with your contact there. For example, if you accidently overdraw your account or rack up other fees, they may be able to waive the fees or work more easily with you to avoid them in the future.
Telhio Credit Union has a variety of business products and services, such as checking accounts, lines of credit or business loans that can help your business succeed. To contact a member of Telhio’s business services team, call 614-221-3233, option 6.
Telhio Credit Union is open to anyone who lives, works, worships or goes to school in Franklin, Fairfield and Delaware counties and the surrounding communities including Dublin, Johnstown, London, Orient, Pataskala and Reynoldsburg. Founded in 1934, originally as the credit union for the Columbus Telephone Co., Telhio is a not-for-profit financial cooperative where its members are also its owners. Driven by its philosophy that members come first, Telhio is committed to the highest standards of responsibility and conduct. Telhio offers a variety of innovative programs, services and products to support its members’ financial needs. Telhio offers six branching offices throughout central Ohio and nearly 4,000 shared branching locations nationwide. Additionally, Telhio credit union participates in the highest level of combined federal and private share savings insurance available, insuring deposit accounts up to $500,000.*
* Federally insured by NCUA. Additional coverage up to $250,000 provided by Excess Share Insurance Corporation, a licensed insurance company.