One of the advantages to choosing a credit union over a more traditional banking institution is the opportunity to develop a more personal relationship with your banker. This relationship is especially important when it comes to your business, as your bank will be a huge factor in your business’s success.
The following are five key perks that come with developing a relationship with your financial institution:
1. A Trusted Financial Advisor: When you develop a relationship, you’ll be gaining a financial advisor simultaneously. They’ll be able to go over your finances with you, and will be a trusted outlet to go to when you have financial questions or concerns.
2. Networking: Your contact not only works with you, but also works with a variety of people and businesses in the professional world, and could be a good resource for you to connect and network with others.
3. Help in Emergencies: If you’ve developed a personal relationship with a contact at your financial institution, they’re more likely to help you in times of need. For example, if you accidentally overdraw your account or rack up other fees, they can more easily work with you, or even personally notify you about issues.
4. Better loan or financing rates: A bank that has no relationship with a small business is less likely to offer financing. However, if you’ve established and maintained a relationship with your credit union, the chances of receiving a loan are much greater. When you have a relationship with your banker, they can also help you fill out loan applications.
5. References: Having a solid relationship with your financial institution can also help increase your clientele, as your banker can encourage other members to use your business.
On top of understanding the importance of developing relationships with its business members, Telhio Credit Union has a variety of business products and services, such as checking accounts, lines of credit, or business loans. To contact a member of Telhio’s business services team, call 614-221-3233, option 6.
Telhio Credit Union is a full-service financial institution open to everyone who lives, works, worships, or attends school within Franklin County and surrounding communities. Founded in 1934, originally as the credit union for the Columbus Telephone Company, 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 seven branch 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.