The banking support new businesses need

Graphic design image of a credit card, cellphone, shield and cash. Each having a check mark above them and being connected with a blue dash line with the words, "While the many categories of modern organizations have vastly different day-to-day operations, needs, leadership structures and plans for the future, they require the sam type of business banking support." - TAB Bank

by Michael Palmer, COO

One of the most impressive things about the modern economy is how many different types of businesses successfully operate within it. Whether your company's focus is on trucking, new technology, specialty parts machining, concierge service or something else entirely, there's likely room for it in the current economic climate.

While the many categories of modern organizations have vastly different day-to-day operations, needs, leadership structures and plans for the future, they all require the same type of business banking support. Let's look at some of these universal needs and how they can help your small business achieve a crucial sense of stability.

Business checking accounts

No matter what, your company needs to reliably make payments and securely deposit incoming revenue. A dependable business checking account is a foundational element of a sound financial strategy. You want to make sure that your bank is both trustworthy and capable of providing the type of service that modern companies need. At TAB Bank, that means offering Mastercard® debit cards, online and mobile banking, minimal service charges and much more.

Savings and money market accounts

Keeping funds in a secure location while still benefiting from easy access to that money, if necessary, is a core consideration for modern organizations. Whether it's needed to address an unexpected emergency, act on an attractive opportunity or for something as mundane but ultimately necessary as a tax payment, the money your business has in savings can play a number of roles. TAB Bank offers a modern savings solution - as well as money market options with similar performance and more attractive interest rates - that provides another dependable building block for your small-business banking strategy.

Certificates of deposit

Although not absolutely required in the same way that checking and savings accounts are, certificates of deposit are a valuable option to keep in mind as your company operates. As a time deposit that's guaranteed by the financial institution providing it and, ultimately, the FDIC, CDs offer a unique combination of security and an opportunity for growth. If your business has long-term financial needs and knows it won't need access to a portion of funds for a given time period, a CD provides a simple, attractive and secure way to grow that money.

CDs at TAB Bank include eight time options, from six months to 60. The longer the period of the deposit, the higher the corresponding interest rate. You can check out current rates and learn more about CDs here.

Treasury management services

If you've started a small business, you likely have experience in your selected field, a broader history with managing the operations of a company, or a mix of both. Unless you have an especially strong, well-rounded financial background, however, you may run into areas where you don't have as much experience to draw on in terms of day-to-day and major financial decision-making. Nothing can change the complicated nature of business finances, nor how crucial they are to your continued operations. While the option to hire a financial specialist is a powerful one in a world where money isn't an object, the practical reality for many companies is much different.

TAB Bank understands that many small businesses need a little support when it comes to financial management, and the specifics can vary greatly from one company to the next. Whether it's specific assistance for just a few needs or a broader, more holistic approach for the companies that want it, treasury management helps your business operate as efficiently and effectively as possible. You can also learn more about the many services we offer, from ACH origination to merchant services, by checking out our dedicated webpage or giving us a call today!

About the Author

Michael Palmer

As TAB Bank’s Chief Operating Officer, Mike oversees the operational and customer support teams that assist TAB’s clients with their deposit relationships with the bank. Additionally, his teams securely process all the bank’s electronic funds transfers, apply for invoice specific payments across the factoring portfolio, and process thousands of lockbox and other checks per week.

Mike is a Certified Regulatory Compliance Manager. Prior to his experience at TAB Bank, he spent 13 years at Wells Fargo, the last ten being spent in regulatory compliance roles focusing on international BSA/AML compliance as well as mortgage and consumer lending regulations. Mike holds a Bachelor of Science degrees in Finance and Marketing from Utah State University and a Master of Business Administration from Brigham Young University. He is a graduate from the Graduate School of Banking at the University of Wisconsin –Madison where he completed courses necessary to achieve the Executive Leadership Certificate from the Wisconsin School of Business.

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