Business banking

I have been a member of the MBBG since 2021, and this year have taken on the role of Deputy Chair supporting Sheena Trumble and the Committee.

A Business Banker based in Mt Barker, I have lived in Aldgate since 2010 – not yet a local, but a very passionate Adelaide Hills supporter!

Working with Adelaide Hills, Murraylands and Fleurieu Peninsula clients since 2017, I love supporting the community that I live in. I have worked with many  businesses over the last 20 years and prefer to work with family-owned business, as I feel the service that I can offer can be more effective, and brings me a lot of satisfaction.

Divesting Banking

Sometimes business owners prefer to “divest” their banking – placing their home loan with one bank, and credit card with another, business accounts with another.

In finance this is called “split banking” and while it may seem like a good idea to spread the love (risk) it can also have an impact on the type of service that a bank can offer you.  

If the bank has your whole of wallet, all your loans, business and personal accounts, this is seen as a win/win as the bank will have oversight over the business and the people behind the business. This also means that the bank can resource (staff) accordingly. The more borrowing, funds or products you have – the higher the level of service or discounts the bank will be able to provide you, often in the form of a dedicated business banker (like me).

This may seem “unfair” as everyone has a right to good service, and that is true, but that service comes at a cost and the bank needs to weight this up against the returns that it will make from having you as a client. If you think about this in terms of your clients, when someone frequents your business a lot you might offer them a loyalty discount, or if one of your major clients needs something, you might drop everything to make sure they get a premium service. It is the same for a bank.

So, think about the business and personal finance needs that you have.

Are your home loan and/or business accounts and with the same bank? If not, why?

Business owners sometimes do this as they are worried about their home being used as security for their business and want to keep it separate. I get it, it makes sense. But if you are worried that if the business fails you might lose your house, then how good is your business? If you are not willing to take a risk on the business, why would a bank?

Owning a business can be hard, and there is a lot of pressure on business owners right now, with ever increasing costs and access to staff, rising interest rates… the list goes on.

So, if you would like a local banker that cares about clients, community and customer services then please reach out, as I would love to hear about your business and see what I can do to assist you to achieve your business goals.

Cheree Reichl
Business Banker
cheree.reichl@nab.com.au

Published On: April 25th, 2024

Share This Story

Business banking

I have been a member of the MBBG since 2021, and this year have taken on the role of Deputy Chair supporting Sheena Trumble and the Committee.

A Business Banker based in Mt Barker, I have lived in Aldgate since 2010 – not yet a local, but a very passionate Adelaide Hills supporter!

Working with Adelaide Hills, Murraylands and Fleurieu Peninsula clients since 2017, I love supporting the community that I live in. I have worked with many  businesses over the last 20 years and prefer to work with family-owned business, as I feel the service that I can offer can be more effective, and brings me a lot of satisfaction.

Divesting Banking

Sometimes business owners prefer to “divest” their banking – placing their home loan with one bank, and credit card with another, business accounts with another.

In finance this is called “split banking” and while it may seem like a good idea to spread the love (risk) it can also have an impact on the type of service that a bank can offer you.  

If the bank has your whole of wallet, all your loans, business and personal accounts, this is seen as a win/win as the bank will have oversight over the business and the people behind the business. This also means that the bank can resource (staff) accordingly. The more borrowing, funds or products you have – the higher the level of service or discounts the bank will be able to provide you, often in the form of a dedicated business banker (like me).

This may seem “unfair” as everyone has a right to good service, and that is true, but that service comes at a cost and the bank needs to weight this up against the returns that it will make from having you as a client. If you think about this in terms of your clients, when someone frequents your business a lot you might offer them a loyalty discount, or if one of your major clients needs something, you might drop everything to make sure they get a premium service. It is the same for a bank.

So, think about the business and personal finance needs that you have.

Are your home loan and/or business accounts and with the same bank? If not, why?

Business owners sometimes do this as they are worried about their home being used as security for their business and want to keep it separate. I get it, it makes sense. But if you are worried that if the business fails you might lose your house, then how good is your business? If you are not willing to take a risk on the business, why would a bank?

Owning a business can be hard, and there is a lot of pressure on business owners right now, with ever increasing costs and access to staff, rising interest rates… the list goes on.

So, if you would like a local banker that cares about clients, community and customer services then please reach out, as I would love to hear about your business and see what I can do to assist you to achieve your business goals.

Cheree Reichl
Business Banker
cheree.reichl@nab.com.au

Published On: April 25th, 2024

Share This Story