The regional banking crisis has led many business owners to rethink account relationships and risks, but making too many changes can be costly and unnecessary.
Small businesses can feel like they're up against a wall. They don't have the leverage of a big business to negotiate a special deal on interest rates and fees, or the luxury of time to keep moving their financial services around.
According to the CNBC survey, small business owners are almost evenly split across banking institutions by size. About 40% of small business owners say they do their business banking with a large bank. Almost equal percentages work with regional banks and community banks .Safety is a concern, and the PacWest headlines are sending more jitters through the market, but overall, national banking system data shows that the deposit safety issue is a shrinking one.
In fact, the CNBC survey that among the minority of business owners who do plan to open a new account in the next year, they are almost evenly split between planning to do so with a large , and regional or community bank .She advises small businesses worried about safety to look for a bank that offers an insured cash sweep account. If your balance exceeds the $250,000 federal insurance cap, money will be automatically moved into other institutions, multiplying your cap by two to five times.
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