How to Get the Most from Your Banking Relationship Presented By: Susan M. Cotton Money Matters Consulting April 22, 2010.

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Presentation transcript:

How to Get the Most from Your Banking Relationship Presented By: Susan M. Cotton Money Matters Consulting April 22, 2010

New Trend in Banking Lower Rates (Earnings Credit Rate) Higher Bank Fees (Hard Dollar Fees)

How Low Can You Go?! Before Now

What To Do?! 4 Shop ECR and other Deposit Rates 4 Manage Bank Balances Better 4 Control Bank Fees 4 Know Thy Banker! OR 4 Wait Until Rates Go Up

Shop ECR and & Other Rates –ECR is a short-term rate based on 3 month T-Bill. –It can vary, however, from bank to bank. –Banks wanting deposits will offer a higher rate. –ECR is not guaranteed or fixed. Beware! –Tiered rates based on balances, type of customer. –Consider different types of bank accounts.

Manage Bank Balances Better DDA Sweep 4 Balances moved from checking to sweep fund. 4 Double-check prevailing rates. Might be low. 4 Sweep balances are not FDIC-insured. 4 Eliminates chance of excess balances. Controlled Disbursement 4 Use a separate bank routing point. 4 Check presentment totals presented in the am. 4 Transfer money to DDA if necessary. 4 Maintenance required! 4 Can use with Positive Pay.

Your Account Analysis Statement is an invoice and should be reviewed carefully.

It All Adds Up!

Look for the following: Total Bank Activity Level of Balances Verify the ECR Verify other Rates Changes in Volumes Per item Prices New / Old Services

4 Account Analysis 4 Copies of Checks 4 Account Transfers 4 Information Reporting 4 Wire Transfers 4 Key is to reduce bank manpower time 4 Tel. calls, faxes, paper copies, snail mail =$$$ Do More Banking On-Line

You Snooze, You Lose! 4 Identify bank problems within 30 days. 4 Review Account Analysis statements upon receipt. 4 Bank surpluses cannot be carried forward to next year. 4 Problems cannot be corrected from prior year. 4 Bank client has greater burden to identify problems. 4 Use Spreadsheet to input Account Analysis data.

Know Thy Banker 4 Meet with Rel. Mgr. annually (quarterly preferable) 4 Discuss problems, new services, bank compensation 4 Negotiate a fee schedule 4 Have pricing fixed for set period of time 4 Go over Account Analysis statement in detail 4 Ask for Account Analysis training session for staff

You’re a Winner If: 4 You have a contractual fee schedule in place 4 You can accurately budget for banking expenses 4 You review Account Analysis right away 4 You can identify what each line item means 4 You do not keep excess balances in your accounts 4 You maintain an Account Analysis spreadsheet