Regional banks in the United States are increasingly offering tailored business checking accounts to small enterprises, providing a refreshing alternative to larger national institutions. A recent analysis reveals that over 75% of regional bank business account holders in the US have reported significant improvements in their financial management and planning processes due to these bespoke services.
Machias Savings Bank in New England is a prime example of this trend, boasting a community-centric approach where each business account holder is assigned a dedicated relationship banker. This individualised attention allows for local decision-making, minimising delays typically associated with centralised approval processes. Meanwhile, Atlantic Union Bank, serving the Mid-Atlantic region, has pioneered a 'relationship-first' model, offering tiered account options and comprehensive treasury management services, including advanced fraud protection features such as ACH Positive Pay and Check Payee Positive Pay.
Further solidifying this regional focus, Huntington National Bank, present in 21 US states, offers a range of business checking accounts tailored to diverse needs. A key differentiator is its generous overdraft policy, which includes a £40 (approximately $50) buffer, particularly beneficial for small businesses navigating tight cash flow. The bank also provides no-fee entry accounts with a substantial number of free monthly transactions, making it attractive for newer enterprises.
While these examples are rooted in the US banking landscape, the underlying principles – personalised service, local decision-making, and tailored product offerings – resonate globally. UK businesses, particularly SMEs, often grapple with finding a balance between access to advanced digital banking tools and the desire for more direct human interaction with their banking providers. The success of these US regional banks underscores the potential for a more segmented approach to business banking, where local insights and dedicated support can foster stronger business growth and financial stability.