Pros & Cons of Changing Banks

I’m a proponent of using a locally based financial institution for your banking needs. National banks should be for national companies (Red Cross, Apple) but most churches can be served effectively by their local bank. Local banks are usually cheaper (fees are less) and are far more helpful because their leadership lives in the community.

Here is a list I drafted recently for a church that is considering changing banks. I encourage your finance committee to consider moving to a local bank (if you’re not there already).


  1. LMNOPbank is headquartered in our community so we’re supporting a local company.
  2. LMNOPbank has a much better reputation for customer service.
  3. LMNOPbank is where the church’s endowment funds are invested so all church funds would be in the same institution.
  4. LMNOPbank is easier to change signatories – take the signature card to the church and get everyone to sign, and then return the card to the bank. SunTrust requires all signatories to appear at the bank on the same day.
  5. Our current bank’s customer service rep for us is located in their HQ which is not located in our state.
  6. LMNOPbank has a courier service which picks up deposits in the church and takes them to the bank.


  1. Changing banks put a LOT of work on the finance office
    1. Changing all auto-draft payments
    2. Changing payroll drafts
    3. Changing online giving
  2. Changing bank has a cost – buying new checks and deposit slips.
  3. Reconciling several bank accounts for a while.
  4. Waiting for checks to clear from the old bank account.

 Treasurer’s Recommendation: move to LMNOPbank as soon as possible

 Lead On!