Deciding to switch your business account to a new bank can be challenging, but if you feel you’re not getting individualized support or tools from your current bank to help your business thrive, it may be time to make the shift. Banking with a local financial institution is a mutually beneficial way to support a small business while receiving dedicated support for your own business.

At a community bank like Riverland Bank, you’re more than just a number. Your bankers will be able to get to know your individual business’ goals and build a personal relationship with you, because this upfront investment will ultimately improve the community they likely live in as well.

Celebrating Community Impact Month

Now is a great time to switch to a community bank, as September is Community Impact Month! This month highlights the collective efforts of Minnesota banks to build stronger communities.

How Riverland Meets Community Needs

As a community bank, Riverland is concentrated on supporting causes in housing and food insecurity and military/veterans support. These causes often overlap and extend into other areas, such as mental health support and education. Some of Riverland’s involvement in action looks like:

• Supporting food shelves through donation drives and volunteering
• Ongoing volunteerism with veteran-centered organizations, like those focused on veteran homelessness and mental health
• Supporting education-related organizations to help teachers and students access the tools, funding, and support they need to teach and learn
• Getting involved with non-profits that meet housing needs and ensure people have a place to call home

Switching Made Easy

Once you decide to switch your account, your local bank will be able to help you through every step of the way and make the transition as seamless as possible. Yes, there will be some paperwork involved upfront – but the return on your investment will be worth it!

Start by reaching out to the bank you’re interested in switching to and asking any questions you have about the process. Most banks will offer a switch kit with instructions on where to start. You can view our switch kit to learn about what it would take to transition your business account to Riverland.

How to Prepare for a Business Bank Account Change

1. To start, you should be prepared to provide the following pieces of information:

• Employer Identification Number, or a Social Security number if you’re a sole proprietor
• Business registration and formation paperwork
• Ownership agreements
• Business license
• Beneficial Ownership Information (BOI)

2. Your banker may want to ask you about the following, so be ready to discuss these as well.

• The types of products or services your business offers
• What banking products and services you use now
• Any issues you have with your current bank account
• If you’ll want to use mobile banking
• How many checks you typically write in a month
• If you’ll require a line of credit

3. You’ll want to prepare to transition your accounts from your current financial institution by updating your payroll information, transferring automatic payments, and more. Your banker will be able to advise you during this process, and you’ll want to keep your existing account open for about 90 days.

Enjoy Better Banking While Supporting Community Growth

Community banks themselves have been navigating the challenges of economic fluctuations over the last several years alongside every other small business. After all, no one’s more likely to understand the needs of your small business than a small business itself! At Riverland Bank, we offer a variety of business services designed to improve cash flow, strengthen security, and reduce human resource expenses associated with managing your accounts.

If you’re ready to get in touch with Riverland, you can contact us via email or phone during business hours, or use our form to schedule a meeting and connect with your new banker.