{"product_id":"managing-bank-relationships-procedure-tm1050","title":"Managing Bank Relationships Procedure | TM1050","description":"\u003ch2\u003e\n\u003cimg src=\"https:\/\/www.bizmanualz.com\/wp-content\/uploads\/2013\/05\/easily-editable-in-ms-word.png\" alt=\"easily editable in ms word\" width=\"123\" height=\"124\" loading=\"lazy\"\u003e\u003cstrong\u003eManaging Bank Relationships Procedure\u003c\/strong\u003e\n\u003c\/h2\u003e\n\u003cp\u003ePart of financial due diligence in operating a business is having a financial representative (i.e. Owner, CFO, Controller, Business Manager) scheduling regular meetings with your bank representative.  The Managing Bank Relationships Procedure ensures the company is maximizing the benefits of its bank-business relationship. The procedure illustrates how to take advantage of useful banking services and accounts and maximize return on bank-held assets while minimizing the cost of banking. This procedure applies to the Finance Department. \u003cstrong\u003e (10 pages, 1157 words)\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eManaging Bank Relationships Responsibilities:\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eThe \u003cspan\u003eChief Financial Officer\u003c\/span\u003e (CFO) is responsible for managing banking relationships.\u003c\/p\u003e\n\u003cp\u003e\u003cspan\u003eTop Management\u003c\/span\u003e is responsible for overseeing banking relations and approving bank management authorities (e.g., ability to open, close accounts).\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eManaging Bank Relationships Definition:\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003e\u003cspan\u003eSweep Account\u003c\/span\u003e – Bank account that, at the close of each business day, automatically transfers funds that exceed or fall short of a specified amount into or from a higher-interest earning account.\u003c\/p\u003e\n\u003ch2\u003e\n\u003cimg src=\"https:\/\/www.bizmanualz.com\/wp-content\/uploads\/2013\/05\/Managing-Bank-Relationship-Policy-260x300.jpg\" alt=\"Managing Bank Relationships Procedure\" width=\"212\" height=\"245\" loading=\"lazy\"\u003e\u003cstrong\u003eManaging Bank Relationships Procedure Activities\u003c\/strong\u003e\n\u003c\/h2\u003e\n\u003cul\u003e\n\u003cli\u003eBank Relationship Plan\u003c\/li\u003e\n\u003cli\u003eManaging Bank Relationships\u003c\/li\u003e\n\u003cli\u003eReviewing Banking Relationships\u003c\/li\u003e\n\u003cli\u003eImproving the Management of Bank Relationships\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003ch2\u003e\u003cstrong\u003eManaging Bank Relationships Procedure Forms\u003c\/strong\u003e\u003c\/h2\u003e\n\u003cul\u003e\n\u003cli\u003e\u003ca title=\"Banking Relationship Contact Management Log Template TM1050-1\" href=\"https:\/\/www.bizmanualz.com\/banking-relationship-contact-management-log-template\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"\u003eBanking Relationship Contact Management Log Form\u003c\/a\u003e\u003c\/li\u003e\n\u003cli\u003e\u003ca title=\"Banking Relationship Meeting Minutes Template TM1050-2 \" href=\"https:\/\/www.bizmanualz.com\/banking-relationship-meeting-minutes-template\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"\u003eBank Meeting Agenda\/Minutes Form\u003c\/a\u003e\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003e \u003c\/p\u003e\n\u003ch2\u003e\u003cstrong\u003eHelpful Hints to Manage Your Banking Relationship\u003c\/strong\u003e\u003c\/h2\u003e\n\u003ch3\u003eMEET WITH YOUR BANKER REGULARLY\u003c\/h3\u003e\n\u003cp\u003ePrior to the meeting, create an agenda and list topic areas to be discussed. These should include things like:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eFuture financial needs for expansions or acquisitions, like lines of credit or loans\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cul\u003e\n\u003cli\u003eBest use of cash accounts like sweep accounts to maximize return and minimize expense\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cul\u003e\n\u003cli\u003eShort and long term investment options for a \u003ca href=\"https:\/\/www.bizmanualz.com\/tighten-accounting-controls\/how-much-business-capital-do-you-need.html\" rel=\"nofollow\"\u003epractical liquidity tree\u003c\/a\u003e\n\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cul\u003e\n\u003cli\u003eUse of merchant accounts\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003ePlus, in these times it may not be a bad idea to discuss the bank’s liquidity and financial stability, especially if you have money in non-insured accounts. Be prepared to ask questions that require details, not unresponsive platitudes. Don’t be afraid to ask follow up questions if answers are not satisfactory, after all, \u003ca href=\"https:\/\/www.bizmanualz.com\/tighten-accounting-controls\/what-is-an-accounting-policy-manual.html\" rel=\"nofollow\"\u003eyour money\u003c\/a\u003e is in that bank. The bank sure doesn’t hesitate to grill you about your business when the money flows the other way.\u003c\/p\u003e\n\u003ch3\u003e\n\u003cimg title=\"Banking Relationship\" src=\"https:\/\/www.bizmanualz.com\/wp-content\/uploads\/2008\/10\/banking-300x208.png\" alt=\"Manage Your Banking Relationship\" width=\"240\" height=\"166\" loading=\"lazy\"\u003eBE PREPARED – ASK THE RIGHT QUESTIONS\u003c\/h3\u003e\n\u003cp\u003eBesides creating an agenda, other planning activities prior to the meeting could include \u003ca href=\"https:\/\/www.bizmanualz.com\/strengthen-your-financials\/how-do-you-manage-working-capital.html\" rel=\"nofollow\"\u003ereviewing account statements\u003c\/a\u003e to ensure the information about rates and fees are accurate and up-to-date. Also consider reviewing the bank’s website and promotional materials. Are they offering better rates or services to newly opened account holders? Is that fair to a loyal customer like you?\u003c\/p\u003e\n\u003cp\u003eAnother \u003ca href=\"https:\/\/www.bizmanualz.com\/set-better-objectives\/how-to-realize-smart-objectives.html\" rel=\"nofollow\"\u003eprudent measure\u003c\/a\u003e would be to talk to your bank’s competitors about their account options and rates. It may not be wise to switch banks every time one offers a slightly higher rate or a slightly lower fee, but due diligence is also exercised by knowing your banking options. If a competitor consistently has advantageous rates and services, and perhaps meets other criteria as well (professional representatives, convenient location, etc;), then you may want to consider \u003ca target=\"_blank\" rel=\"noopener\"\u003estarting a relationship \u003c\/a\u003ewith that bank.\u003c\/p\u003e\n\u003cp\u003eTransparency and due diligence is needed all through your business, but especially in the \u003ca href=\"https:\/\/www.bizmanualz.com\/set-better-objectives\/how-to-develop-financial-performance-objectives.html\" rel=\"nofollow\"\u003efinancial operations\u003c\/a\u003e. An easy first step is transparency and due diligence that help \u003cstrong\u003emanage your banking relationship.\u003c\/strong\u003e\u003c\/p\u003e","brand":"我的商店","offers":[{"title":"Default Title","offer_id":50564786520202,"sku":"TM1050","price":35.99,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0801\/3955\/0858\/files\/14832.png?v=1792963630","url":"https:\/\/shopvirexora.shop\/products\/managing-bank-relationships-procedure-tm1050","provider":"Westvale Goods","version":"1.0","type":"link"}