Personal and Small Business Banking: Should Your Accounts Share a Bank?

Personal and Small Business Banking: Should Your Accounts Share a Bank?
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For busy small business owners, convenience is everything. And when it comes to banking, it could mean spending more time growing your small business and less time worrying about your finances.

For Eddie and Perla Beltran, of the Regions Next Step Project*, this trust and convenience are exactly why they do both their business and personal banking with one financial institution, Regions Bank. Doing all of their banking in one place not only gives them more time to manage their granite business, but it also gives them peace of mind.

“It’s very important to work with a business banker you trust,” Eddie says. “You feel comfortable when you’re around them. You know you can tell them any of your financial problems, and they’ll always try to help.”

The Beltrans’ banker, Stacy McLaughlin, Business Development Officer and Regions Bank Branch Manager in Brandon, Florida, says that using one bank for your personal and business needs makes it easier for business owners to move money between accounts, make distributions, and pay themselves. It also means only having to remember one login and password to access your online accounts.

Many business owners with a higher income spread their money between banks. The assumption being the maximum Federal Deposit Insurance Corp. (FDIC) coverage they can receive is $250,000. But an experienced banker may be able to help you structure your bank accounts so that deposits will receive more FDIC coverage. Depending on the types of accounts and the number of owners, you could obtain between $1 million and $2 million in FDIC coverage, McLaughlin says.

So why might you consider having your personal and business accounts at one bank?

  1. A big picture view: As a business owner, you are busy managing your company, and a banker can help you more clearly understand your finances. Having your personal and business finances in one place allows you and your banker to easily see a snapshot of all your finances in one convenient place. Your banker should assess your full financial picture, including what you need to do to achieve your next goals for your family and your business.
  2. Helpful technology: Some banks, for instance, allow you to securely access personal and business accounts at the same time from your mobile devices. Online banking tools should make managing your finances easier, not more complicated. Moving money around can be easier when it is all within one bank.
  3. A trusted team: Since a banker can help you determine the right direction for your personal and business finances, make sure you work with someone you can easily speak with regarding both areas of your financial life. The banker should know your financial goals, and they should also have a strong network of financial services professionals in case you are interested in other areas, such as insurance and investments.

    “Our finances are such a sensitive matter,” McLaughlin explains. “You want a banker who’s knowledgeable, experienced, and sensitive.”
  4. Peace of Mind: Regardless of the size of the bank, a branch should make you feel welcome.

“Regions is a large bank, but when you step into my office, I want it to feel like a community bank,” McLaughlin says. “My goal is to make you feel comfortable and supported.” Managing finances does not have to be stressful, and having the right banker helping you can give you time to focus on your business and family.

*Paid appearance by actual Regions customers telling their real story.

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This information is general in nature and is provided for educational purposes only. Regions makes no representations as to the accuracy, completeness, timeliness, suitability, or validity of any information presented. Information provided and statements made by employees of Regions should not be relied on or interpreted as accounting, financial planning, investment, legal, or tax advice. Regions encourages you to consult a professional for advice applicable to your specific situation.