Light a Candle

Tomorrow is the birthday of Business Checking with Interest – light your candles!

Some of you will light candles in celebration – you finally have a new product to promote to help you attract new small business customers who just need a good reason to finally leave their bank for yours. Or maybe you’re celebrating that you can finally compete with an aggressive credit union that has been offering this product for some time now.

Many of you may be lighting your candles mourning the loss of interest free deposits, and the associated expense hit to your bottom line. You don’t want to, but you think it will become a competitive necessity to offer this product too.

And some of you will hold off on lighting any candles until you see what your competition is doing. You may feel this is a non-event – and that the market doesn’t care about earning interest at today’s low rates. So, you’re prepared to launch but won’t do so until you’re convinced you need to.

Just remember – gathering and keeping deposits, especially from businesses, is all about relationships, appreciation and service. See my article titled Diets and Deposits for best practices you can implement today.

The next few weeks will be interesting – choose your candle wisely!

Larry Lutte
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