Goodbye US Post Office

STOP relying on the US Post Office for your payments

Now more than ever, you should STOP relying on the US Post Office to send out your invoices and to receive prompt payments from clients! Here's one MORE reason why-http://bit.ly/10OCF56-our mail is about to get even slower, even if Saturday delivery is preserved. Go electronic using custom methods that suit you, and your payments will speed up. Many clients prefer to use electronic methods as well. I can show you how you can accommodate them.

Hey! Whose Money Is It Anyway?

I finally got to reading some of my paper mail. My bank, a local CT-based bank, where I have kept my business account for almost 10 years, has decided to charge me $9.95 a month for keeping an average balance below $2500.00.

What? Huh?

I banked with them in the first place because they offered free business banking.

I was trained as a banker so I understand this industry and I certainly don't believe in paying for a checking account: it's MY money, not theirs, so why pay the bank for using my money?

And a hit of $9.95 a month? for balances under $2500.00?

I don't know about you, but it's my deliberate intent to wisely use my company's money and not leave it idle in the bank. I pay myself for all this hard work!

So I called to protest. No sympathy, as you would expect, from the automatons at the toll-free number. They'll notify management. Ho hum.

I called my usual branch manager. He left the bank a few months ago. Besides, I was told, my account has been moved to another branch because a few times I went to make a deposit there on my way to the highway. It's clear across town; my usual, and now former, branch is 1 mile away.

So I need to call the manager there, who won't know me, so I didn't waste my time or his/hers to call. Anyway, why did they take the unilateral decision to move MY account without any notice?

Ok, as you can tell I wasn't happy.

So this afternoon I made an appointment to go to the local branch of another CT-based bank and opened a free checking account with a delightful banking representative named Wadie. I get all the services, and more, that I am used to.

He assured me that I will never pay a monthly service fee for business checking. I guess I will have to believe him. He is now my personal banker.

$44.00 later for the 250 paper checks I had to order online, I am satisfied. (Yes, every so often an e-payments guy like me needs a paper check!)

Lessons:
1) Read your mail carefully for little notices that are BIG changes.
2) Bank where you feel welcome.
3) You don't have to pay ransom for your money in a business checking account!

Will paper check acceptance at retail locations become a thing of the past?

Whole Foods is a leader in the retail food industry They may stop accepting checks at the point of sale-does this mean checks will become a dinosaur someday? This story in the LA Times may predict our future.
What do you think?

Out of tragedy, sometimes good things can result

Everyone remembers where they were that fateful day 6 years ago-how the horror of the September 11th terrorist attacks affected each of us personally: our emotions, our fears, our nascent feeling of patriotism, and the effect it had on our business and the economy as a whole.

It took a while, but as a direct result of the planes not flying for nearly a week, Congress enacted the Check 21 regulations allowing banks to submit electronic images of business and personal checks, rather than the archaic method of shipping the paper checks themselves as air cargo from bank to bank for final clearing.

This is a benefit for you in that it speeds your cash flow and reduces the work involved in presenting a deposit. Now check images from your desk can be batched and cleared electronically. It is not perfect for everyone, but for those with limited staff and higher volumes (anywhere above 100 checks a week), this is something worth looking into. We have it, just ask us how.

Wishing you a safe and introspective September 11th. Think of the many attributes of our society that are worth fighting for, in words, actions and good deeds, despite those who wish to dismantle our way of life.