I have a few clients with banking issues…
One client’s bank is holding cash for 48 hours regardless of where the money is coming from, even another account at the bank. Think about it, you move money from one account to another on the banks website and can’t touch the money for 48 hours. Ridiculous!
I have another client attempting to renew their LOC, the process started in July and is still going on. The last request was for a detailed analysis of the rent account… The variance was based on the increase spelled out in the lease. I think the banker is trying to force the client to leave.
A client met with a banker and all was seemingly on target to move the accounts and get the LOC established. Only to get to the point of transfer to find out the bank was no longer interested in dealing with their industry
The joke is I am currently working with four banks. I really had one bank that I was working with, but the bank come short on a few promises; forcing me to look elsewhere.
My original idea was to find a great banker and work with them for as long as possible, giving them all of my business and referring them to others. But bankers come and go and banks change who they want as clients. So now I have multiple relationships and I am encouraging clients to no longer work with a single bank either. You have to protect your business.