Excessive fees, restrictive limits and insufficient business products can cut into profits and stall business growth.
Small-business owners tend to stand by their bank. For some, that allegiance is due to loyalty: 40% of business owners say their bank appreciates their business, and 30% feel they are treated better than the average customer, according to J.D. Power’s 2021 U.S. Small Business Banking Satisfaction Study.
In other cases, it’s due to inertia. On average, 14% of small-business owners plan to switch business banks in any given year, but only about 7% actually do so, according to data collected by J.D. Power from 2018 to 2021.