Switching Banks?: What Businesses Need to Know and How to Start the Process

“Frustrated by the Paycheck Protection Program (PPP), many small businesses are ditching their banks,” according to a June 21, 2020 article on AmericanBanker.com. Some small business owners are suing, claiming their bank prioritized larger clients’ PPP applications over theirs. Others couldn’t get their phone calls about the loan returned, according to American Banker.

Throughout these trying times, our bankers have proactively reached out to small business clients to see if they might benefit from the PPP loan program and helped them with the application. “We are a community bank, so what differentiates us from our competitors is that we will take that extra step to be engaged and really help tailor our customers’ banking to their individual needs,” says Sarah Nelson, Area Branch Manager at Town and Country Bank.

Small Town Service, Big City Tech

In its online guide to shopping for banks, the Wall Street Journal recommends business owners “find a banker who will take the time to walk you through how to solve a problem, so you can go back to running your business.” It adds: “Smaller, regionally focused banks may be better because they know local market conditions” and “put more emphasis on a borrowers’ character” rather than just looking at numbers on a credit report.

“Your banker should be a trusted advisor for your business,” Nelson says. “They should know your business as well as you do and be offering advice throughout your relationship to make sure you are succeeding. If your bank’s not doing that, we will.”

Besides personalized attention, Town and Country Bank and Peoples Prosperity Bank offers cutting edge technology and tools, such as necessities for businesses to conduct contactless banking (like remote deposit and bill paying services) and credit card processing packages for our pandemic environment, including contactless options and a website to sell your products or services.

We Can Help You Switch

At Town and Country Bank and Peoples Prosperity Bank, we have a kit to help businesses switch their accounts to us. We provide you with templates and worksheets to make it as easy as possible. You can fill them out yourself or “we can go through each step with you and help get the paperwork done and transferred,” Nelson says.

Next, our dedicated bankers move your accounts incrementally, to keep the transition as smooth as possible. It’s a step by step process, aimed at maintaining the inflow and outflow of your cash and protecting your accounts from fraud.

If You Want to Switch

To make the switch, please visit our website at TownandCountryBank.com. On the homepage, click “Learn More” on the “Request an Appointment” banner image to arrange for a financial review with a local banker and later receive a “business switch kit.” You may also contact one of our eleven local branches or our Customer Service Solution Center at (866) 770-3100 to make an appointment.

As a local community bank, we will work with you side by side during and after the switch and treat your business like it’s our own!