Massachusetts business owners do not have the luxury to exchange banks whenever they are unhappy with the services they receive. Changing banks is far too complex, as companies generally have multiple accounts and services at their bank in MA. To switch financial institutions would mean a lot of work and can cause even more confusion with business partners, employees, customers, etc.
The latest banking trend in Massachusetts shows that more and more new small businesses opt for a credit union in Massachusetts instead of a traditional bank. Here are some of the reasons why.
• Lower fees – Banking fees will be substantially lower because when you sign up for an account at a credit union, you automatically become one of the owners.
• Higher interest rates – They are typically smaller than a bank in MA. Therefore, they have less management and administration costs to deal with. This leaves more money to redistribute among their customers/owners.
• Better working relationship with business owners – Credit unions pride themselves in having excellent personal relationships with business members. They are not just lenders; they are financial partners. They will not let you, the investor, wait for weeks, but will respond to all business loan requests within 72 hours. Which bank in MA can promise that?
• Your voice counts – As a member of a credit union in MA, you will have a chance to express your opinion. You have decision-making power and can participate in the election of a Board of Directors. If you want to get involved, you can, which is rather impossible if you have all your accounts and loans at a conventional bank in MA.
Whether you do your financial transactions at a bank or credit union, as a responsible business owner, always select the institution that will offer you the best banking solutions.