Speaker 1 0:13

Ready to get the inside scoop on equity funding? Tune in to TDJ Equity Funding Insiders Podcast for an in-depth look at what it takes to access financial capital and maximize your investments. Hear from experienced professionals, including bankers, underwriters, loan officers and industry experts, as they share their unfiltered stories and valuable lessons on securing funds. Securing Funds.

Speaker 2 0:48

All right, we want to welcome everyone for coming to our platform today, and today we're actually going to be focusing on business bank accounts with a business banker. How many times have we, as business owners, went into a bank and just opened up account, did what we're supposed to do and then turn around and just walk out? Or, even more, how many of us take a business that we have and we have a personal account at a certain bank so we decide to open up a business account at the same bank? So that's where we're here today to talk about. What we try to do is TDJ Equity Funding. Giving back to the business owner is to give you guys some resources, some education and some intel of some things that will probably help your business to flourish more as a company that's seeking funding, to flourish more as a company that's seeking funding.

Speaker 2 1:44

So today, guest we have is Ms Demetrius, and we are so glad to have her here. She is with a local bank here in Texas and so we're going to have her to come in and let me tell you about Demetrius. Demetrius has worked with different types of banking systems. She's worked for the credit union. She's also worked for our traditional depository banks as well.

Speaker 2 2:04

So she has years of experience of dealing you all and, I think, dealing with you guys as far as being the front person that you will come to when you come into the bank. So she's here today to give us some insights of how the business bank account works. Of course, we know how personal work, but also how to look at banks period when it comes to you choosing which one you want. So if you all would let's. First of all, I want to welcome Demetrius on our platform today. Thank you, okay, it's so good to have you here. If you would, demetrius, would you tell our platform, our audience, who you are? A little bit about you before we go into our questions in our session today.

Speaker 3 2:51

Well, thank you so much, Jackie, and thank you for giving me an opportunity to be a part of your amazing platform. I know from the moment I met you at a networking session, I was like I've got to know that lady. So thank you for what?

Speaker 3 2:57

you're doing in the community and educating. So I have been in banking for I was just doing the math on this so about 24 years I've worked with banks. I started out with Washington Mutual that was based out of Seattle, washington Years ago. I worked for private banks, public institutions and now I'm working for a credit union. So I've seen the business banking from many different roles and advantages, like you mentioned, with my banking experience. Throughout it all my passion has been about building relationships and I can sum up everything that we do in business and business in general is building relationships. So that that's really where I feel is my greatest strength and my passion and, like the name of this webinar, we're trying to give power back to our business owners. That's what I try to do is empower every individual, and every member that I work with is empower every individual and every member that I've worked with with the knowledge, the tools and the resources that they need in order to run a successful, thriving business.

Business vs. Personal Accounts

Speaker 2 4:18

And that's why we wanted you on this platform. We had to get you based on what you've been doing in the community for us educating and trying to pull people in on the banking system of how things work. I love that. So we're going to start off with one that's simple, and I know some of our business owners because I show it's for business owners may already know some of this stuff, but you and I both know there are some things that they may not be aware of only because it's pretty much behind the scene type stuff. So we want to give them some type of guidance when they're doing what they're doing. So we're going to start off with the first question what is the main difference between a business bank account and a personal checking?

Speaker 3 4:50

account. That's a great question because we still see today, across my career, many business owners operating out of their personal account. And, jackie, if you don't, if you'll excuse me for just a moment I want to start with more of a foundational level about the business owner's mindset. When you start to open your business and you decide that this is what you want to do, it's a huge investment across the board, and kudos to all the entrepreneurs that take that chance and take that chance to take a risk and bet on yourself. It's a beautiful thing, but it comes with a lot, and so what I always encourage my business owners before we even start talking about business checking accounts and what type of account that you need to open, make sure that you are seeking quality, trusted advisors. Trusted advisor, that's from a legal standpoint, that's from a CPA tax standpoint, as well as having a coach or several coaches in your industry, individuals that understand the business industry that you are in, understand what those opportunities are. And I say all of that to mean that there are a lot of implications between opening a business and a personal checking account.

Speaker 3 6:09

I've come into situations where I personally have had clients who, for whatever reason perhaps, they got involved with some illegal matters and they had to go to court and because they were operating things out of their personal account and their business and what we call the term we call commingling funds. Unfortunately, everything their personal, their business, everything had to come into into plan there, which for many business owners. You spend a significant amount of money establishing an LLC, establishing a corporation, putting those things in to provide protection for you personally, for your assets, as well as the business. So once we start commingling funds, you remove that layer of protecting and your, your personal asset. When someone heaven forbid sues your business, if you're commingling personal and business, well, now they have access to your personal fund as well, so you lose that wall of separation.

Speaker 2 7:18

So it is important that you are operating out of a business account and not your personal, which we definitely, as loan brokers, see that you are operating out of a business account and not your person, which we definitely as loan brokers see that, and you are so true To add to that. When you say co-mingling, let's kind of talk about that a little bit, because I actually have talked to business people that did not understand that she had a business that was a transportation business but she paid her employees out of her cash out Because she received money from the parents through the cash out. She felt that she could pay them out the cash out. So when she actually came to us to bring her income in what she did really good, 80% of it was through cash out and, guess what?

Speaker 2 8:02

We couldn couldn't use it. So co-mingling is something you are talking about. I don't think I would like, if you can do, you think you think you can give us a little bit more on what co-mingling is, because she thought it was all dedicated to just that and it was okay. So I don't think people are understanding that co-mingling can be what paying your let's do. Oh, we know we have done it. You want to see your light, water and gas out the business account you're paying personal expenses out of your business account.

Speaker 3 8:34

you're using your personal account to pay business expenses, your payroll, I mean. There are just so many things that we do as business owners. That opens us up to liability, I love to think. And then, from you, from a lending standpoint, well, she just excluded all of that income because that she was doing that. So that's why it is so critically important. Here's what I find make a long story short. When you set out to do your business, you are an expert in your business. That is what you know, that's what you excel at, that's where you focus in. I'm going to go back to my original point Make sure you have some trusted advisors. Make sure you have trusted advisors because you are not expected to know everything around banking. You're not expected to know everything around the tax laws and they are changing.

Speaker 3 9:26

You're not expected to know everything around banking. You're not expected to know everything around the tax laws and they are changing. You're not expected to know everything from a legal standpoint and how you need to protect it. So there are things you're not even thinking about that could be detrimental to your business and to your livelihood, I mean. Or in your situation with a lender, they could prevent you from getting the loan. Yep exactly, it could stop you. So make sure that you're getting good advice, Make sure you've got a plan and you're talking to your tax attorney, you're talking to your CPA, you're talking to your business advisor about how you're going to structure your accounts, what type of accounts you need, how are're going to run those transactions. I know I get a number of individuals that come to the bank or to the credit union and they start asking their business banker questions about that. Even if we knew it, Jackie, we wouldn't tell you because we don't want to be wrong information.

Speaker 3 10:23

Let me say this.

The Importance of Trusted Advisors

Speaker 2 10:24

I want to stop you there and I don't want to be rude, to give you wrong information. Let me say this I want to stop you there and I don't want to be rude, but let me say this you are so correct. People don't understand. That's why we try to do the podcast. We're doing the giving the business owner because when they're sitting in front of the loan officers we've heard this from that, I've heard it from the underwriters, which nobody sits in front of underwriters but I've had when they had to call us a question there's things they can ask and say to me and it's things I can ask and say to them.

Speaker 2 10:48

That won't affect it coming directly from the applicant, and I think people don't realize. You would love to say a lot of things to them, but you and I both know if you sitting in that bank and you are giving some advice legally and something happened, we know what that looks like. That's why you don't tell as much and you shouldn't. It's up to us to go and find, like you said, the coaches, people that has proven that they've been in business, that they know what they're doing. They didn't just take a class and decide to be a coach, but those that have a proven record and know what they're doing, they can guide you through that process without you going and burning yourself in the process, right?

Speaker 3 11:30

You're absolutely right Building your tribe, Find your tribe, Find your community. Don't try to do this thing alone. It's not meant to work that way. Utilize your resources. Most communities in our area we have our small business administration. There are small business development centers. There are SCORE advisors, which are retired executives that have a track record of success, that have retired and they just want to share their knowledge. So you can find individuals that have experience in your industry and, of course, you always have to vet the information that you're receiving.

Speaker 3 12:13

I wish I could give your audience a silver bullet and say, hey, just do X, Y and Z, and it's going to work out wonderfully for you. If I did, I'd probably be a billion trillionaire right now. Right, we know we can't do nothing. There's nothing that is going to absolve you from doing your due diligence and doing your homework and understanding what your end goal is and making sure that you are selecting a bank based on those products and services that are going to be specific for your industry. You said it perfectly in the beginning. This has been my experience for my 20 plus years. Many times our business owners make decisions on where they're going to open their business account based on. Okay, this is where I have my personal account. Oh, this bank is closest to me.

Speaker 3 13:05

Or my mother has it, or my father has it, my daughter has it, and I'm not saying that those may not be a good thing for you.

Speaker 3 13:14

But what I am saying is make sure you understand number one how do you do business? Are you a person that likes a relationship? Do you want to pick up the phone and speak to a real, live person? Are you a person that likes a relationship? Do you want to pick up the phone and speak to a real, live person? Do you want to be able to go in and have someone go through your transactions? Are you a person that doesn't, or do you prefer electronic? Do you never want to speak to anyone? Do you want to handle everything? Do you need to do international wires? We are chiefly responsible. Our role as a bank is to manage that paying and receiving, how you receive money and then how you pay out money. So the biggest thing is understanding how your business will do those things and making sure that you've got a banking partner that is efficient, that is competent and that excels in that particular area. And that's going to be different based on your business, based on you personally as a business owner based on your industry.

Speaker 2 14:14

Okay, so you basically gave a lot and I noticed you're talking, like I said, you want to talk about the mindset, because things have changed and that's basically what we have to do with a lot of people in business now it's not that simple one, two, three, four step anymore like it was years ago, and I know you know that because you've been in the banking world. So basically what you've already answered. My other question was you know what's the importance of a business having to separate from, having a business separate from a personal account? So if you would just reiterate that to make sure everybody catch it, why is it important for a business to have a separate account from their personal account?

Speaker 3 14:52

I'll explain it. That business is a separate entity. That's how I think of it. It is its own life focus. It is its own life Focus. It is separate from you personally.

Speaker 2 15:09

Right.

Speaker 3 15:11

You cannot, and this is from a legal standpoint, from a tax accounting standpoint and just for your own personal finance. It is critically important that you not treat those things as the same right. Um, that business is, unless you're a sole proprietor which sole proprietor? Just, I wouldn't encourage that. But unless you're a sole proprietor, that business is a separate entity. It's a separate thing. That should not be, you know, should not be created equal, you know. It just should not mingle and that's your. It has to remain separate.

Speaker 3 15:52

Um, and there are a lot of situations where I find in because you're a lender, I can speak to this a lot of, I find a lot of business owners that are not leveraging their business appropriately. They're still carrying a lot of business owners that are not leveraging their business appropriately. They're still carrying a lot of business debt on their personal record. Sometimes that is necessary when you first get started, but there are some very creative and interesting things that you can do to leverage your own net worth, your personal balance sheet as well as your business balance sheet, by understanding how to structure those things. And so once you start to just for lack of a better word willy-nilly just doing everything here, you have no strategy, I can promise you you're not going to make as much money in your business.

Speaker 3 16:42

You're not going to realize as much profits because probably nine times out of 10, you're going to pay more than what you need to be paying in taxes. You're going to. Once you get ready to go to have a conversation with a lender, you run the risk of having 80% and your example of your income, of the cash profit that you've made, be excluded from the application exactly, and that's less money is what that means you're going to get less money, you know, and that is not going to put you in the in the best position.

Finding the Right Banking Partner

Speaker 3 17:16

So I would say, if I want to be very technical and just give you an answer, I'll say this business accounts are designed for business transactions. It supports the operational needs of a business, such as paying your vendors. Receiving answer. I'll say this Business accounts are designed for business transactions. It supports the operational needs of a business, such as paying your vendors, receiving payments, managing payroll and other business-related expenses. So here's the second part of that question.

Speaker 3 17:39

We don't offer the same services on a personal account that we do on a business or commercial account. So with a business account that enables you to be able, if you have employees, that enables you to be able to have payroll services to pay your employees, that's not something we offer on our personal accounts. If you want to be able to accept and receive credit card payments from your clients or from other vendors that you do business with, that's also something that you're not going to have access to on a personal account. So personal finances are not personal accounts, are just not suitable for business related activities. And here's the other part of it too, jackie the bank or the credit union can shut their whole account down because in many times you might want to review your account disclosures but many banks are very specific about you not commingling business and personal account.

Speaker 2 18:38

Now let me say that. Let me say this Guys, oh my goodness, you are so true. I actually had a personal friend had their account shut down by one of the banks and they didn't know why. They said I don't have no overdrafts, I don't have this, I don't have that. Well, come to find out she was actually getting payments from one of her clients that was sending in to their personal account and it was so much. They like. Ok, what is this? They like. You know what, don't worry, they just shut her down. They didn't say that, but what they did tell her. If you will read our disclosure, our policy I don't know what it was it says we can close your account for any reason based on us and they don't have to explain it to you.

Speaker 3 19:18

So that is one of them, that Cole Minglin it happens, and I think that's what happened with her account. So, oh my God, you are so right about that yeah, it's a big no-no.

Speaker 2 19:33

So if the bank gets or the credit union gets wind of it, we will have a conversation with you. You should call it conversation. So you've already answered. Like I said, like what type? When it comes to a business account, what does a business account or a business banking account should offer you? You mentioned already payroll services, credit card services. What are those that you think that stands out that we need to look at? In general, that's offered Not necessarily from my industry, yet Um, in general, there are a number of ways.

Speaker 3 20:02

Again we're looking at the movement of money, how you receive money and how you pay out money. So in receiving money, you have opportunities where you can actually collect money from your clients, from individuals that know you. I know for many businesses it's a convenience for them not to have to call, especially if you offer services that are going to go on over time or you have an established contract With the business. You have the ability to be able to collect those items electronically. And in this day and age, that's most of us are doing electronic banking right

Speaker 3 20:46

for me. So say, you have a business and I'm your client, I'm gonna want to be able to just go log in on my phone, um, or on the computer and pay you. That's right, we have to. Oh, you don't have to. You only oh, you only accept check or you only accept those things. So I think the biggest determining now is that digital banking Right and you to be able to get your money with less time, because the most valuable asset, I want to say one of the most valuable assets as a business owner, you have your time.

Speaker 2 21:18

Right.

Speaker 3 21:20

So these accounts and services that we offer are to increase efficiency and maximize your time, so that you could spend less time on the banking and more time growing your business, working on your business and strategizing. So we do that with our ACH services. We have enhanced fraud detection services, the program Positive Pay, Right.

Speaker 3 21:49

The way Positive Pay works is that it allows you to basically let us know who you're paying and who you're receiving payments from. One of the biggest things that we see right now in the industry is around cybersecurity I feel like it's one of the biggest risks that we have and your personal information unfortunately your banking information, your business information, as much as everyone is trying hard to protect that. There are just so many ways that perhaps it's a vendor that you do business with their system gets hacked. They've done everything that you needed to do on your part, you've been extra careful and someone that you do business with their system is hacked.

Speaker 3 22:37

Now the investor has access to your information. So with positive pay, you will let us know ahead of time that you've only authorized X amount of vendors individuals to be able to debit your account electronically. You've only written X amount of checks, and so what happens is if we get someone that, or we have a transaction that's attempting to debit your account and it's not on that list, we immediately stop. We send you a message electronically. You have a timeframe that you can go in to review those and then you tell us whether or not to pay it. If we don't hear from you in that timeframe, we don't pay that night. So that helps a lot.

Speaker 3 23:22

I know I have a nonprofit that I worked with for a number of years and this and these are things that just rub me the wrong way, but it is. Unfortunately. There are people out there that don't want to do the right thing. So this nonprofit they are busy, they are paying rent checks, they are paying utilities, they are helping. They are paying rent checks, they are paying utilities, they are helping people that are in need. And so what that nonprofit was doing is that, say I come in for assistance, they'll write me a check so that I can go and pay my life bill or so that I can go and make that difference, so that I can keep my home.

Speaker 2 23:58

Okay.

Speaker 3 24:00

Unfortunately, some unscrupulous individuals came in and when they got that check from that nonprofit, they then took all of that information on that check and they started writing checks. Oh my goodness. So now you know it's a huge inconvenience for the nonprofit and now those people that are needing assistance. The accounts are shut down. They can't operate. So for that particular nonprofit, of course. Now the beauty of it is that we're able to cover that we have fraud protection and so that that nonprofit, as long as they notify us, or that business, as long as they notify us within a timeframe established we will cover, we will reimburse, we will make you whole again for any transactions that are taken fraudulently, but we still can't give back your time that you spent.

Speaker 3 24:56

So services like our positive pay can help to reduce that risk for the business.

Speaker 2 25:06

So basically what you're saying we talk about services is that you have banking, and I guess that's the question we need to ask.

Speaker 2 25:09

We need to ask how do you handle fraud, how do you handle the checking and all of that, the returns, because the fees are different for each bank. Now I want to say this One bank gave me a wire cost of 109 dollars to wire yeah, that's what I said. But then I realized, if you, the other benefits they had with the bank account was so really good and since if we don't do a lot, if you don't do a lot of wiring, it will work compared to the other bank that only charged us 20, but I didn't get all these checks that they were giving. So that's what we have in this having you here on this platform and I thank you so much is that people can understand you have to go at a business bank account differently than just walking in. You need to find out what the services are and do a comparison, because all banks, all credit users, are not the same. That's what I was shocked about. They're not the same.

Speaker 3 26:04

So we are all different policies and procedures. What we focus on and our fee structure, jackie, is based on the type of business that we want to do. If certain type of transactions we're not comfortable doing international wire, or we want to reduce the amount of international wires coming through, then that particular institution might levy $109.

Speaker 2 26:33

Exactly, and we don't even know that. We think, oh, that must be the cost. No, that's their cost, see, and we don't know that. That's why we try to let people know. You can ask questions.

Speaker 3 26:43

It's a convenience fee and for many times, and so this is some of the kind of behind-the-scenes things that probably wouldn't be. No one will tell you up front what their banks do, is they want to discourage certain types of bills.

Speaker 2 26:58

That is true, certain type of services they don't want to offer and they put a ticket on it or make it different and they put that ticket price on it.

Speaker 3 27:06

And it is, and it's there to discourage businesses that have it. So that's why I go back to what I said in the very beginning Understand your business, understand what your services are. And here's the thing If you get a good advisor for your business, understand what your services are. And here's the thing if you get a good advisor for your industry, they are going to know what banks work well and typically they're going to make some recommendations to you as well that you can compare as well as you on doing your own personal due diligence. But understandings to your point. You said it perfectly. I can look at my transactions. Am I going to do wires? No, I don't need wires. So for me, bank A might be the wonderful choice.

Speaker 3 27:56

But if I am a business, I've got a business now. They do rodeo equipment. They do a lot of business with vendors in European countries. Oh, they weren't To have wire transfers. There's no way that they can get around that. So them they're definitely going to want to do a thorough inspection and talk to that bank about what their wire policies are, what their wire transaction fees are. There are some transaction fees that are just standard and others that are convenience fees. Nine times out of 10, I will tell you on business something that is really good for business owners to know is that they are negotiable and that I did not know.

Speaker 2 28:47

I did not know. I thought it was in stone. This is what they say. We are stuck with it. That is an insight, because you are so true.

Speaker 3 28:55

They are negotiable. Now I will tell you this that the larger the institution is, there's a lot less wiggle room at certain levels.

Speaker 3 29:05

But, we are all motivated. If you're a large business and that institution wants your business, let me back up. Let's go back to the power of the business owner, because too many times I will see business owners that take an approach sometimes of kind of a hat in hand. We, as financial institutions, we spend a lot of time and energy and capital trying to attract you, to need you to bank with us, and for many of us, our business clients are our top tier. So you are in the driver's seat, you are in control and if that institution wants your business, they will negotiate on some points. So don't you know? The only dumb question is the one you don't ask. Always go in with a negotiation mindset and I will tell you when we.

Speaker 3 30:15

I work for a credit union now and I would say that is one of the biggest differences I've seen in my career working from a large, publicly traded financial institution as opposed to a local, regionally owned credit union. I have a lot more flexibility, there's a lot more negotiations, there's a lot more customization that I can do at the credit union level. Right then here to work a larger thing. However, there are some things that you give up. Um, when I worked for that large publicly traded financial institution. If you're doing a lot of international business, it was a lot more convenient for you Could you do that Exactly At institution, as opposed to a local credit union, which is very we're more regionally focused. So we're not going to have as many of those international transactions because that's not a business we typically deal with. So again, that's why I go back to my first point is understand your industry, understand how you're going to be doing business and then use that as a great indicator on what type of institution is going to work best for you.

Speaker 2 31:28

So also, what comes with the banks and I know you and I have talked about it and people don't be aware of it is that the tools and resources that some banks offer and you're right, based on the size and what they have. And I think if you're a new business starting out, you want to have something to kind of manage your cash flow, to kind of track expenses and streamline accounting. We want that. The thing is, can you tell us those type of tools? What are we asking the banks for when we want to look for something like that?

Speaker 3 31:56

I think that is important and again it's going to go back to how do you operate. For instance, at the institution I'm at right now, we are growing our business product, so there are a lot of the popular services like QuickBooks Access or Zelle. These are things that we're still in the process of getting fully functional, so we don't have access to that right now. So if you know that you're running all of your operations through QuickBooks, then unfortunately I wouldn't be a good fit for you right now. So that goes into that first point. Again, I'm going to keep going back to it Understand how you do your banking, what is your preferred system, and then go from there.

Speaker 3 32:44

There are a number of different banks that I know here in the Dallas-Fort Worth area that are offering I've worked for institutions that we did a whole special lending program an access program based on your geography, where your business was located. If it was located in what by the US Census considers a low to moderate income area, you are already qualified for special financing, regardless of what your own personal business and personal credit look like, just because of the geography. Sometimes there are programs that could be based on your industry. They may, and especially in the healthcare and the medical field. There are institutions that have special programs for those industries. So, again, it can be very special, specialized.

Speaker 3 33:41

I found that, uh, there are most support, um, especially for a startup business, one that is growing. Even if you have been in business for less than seven years, um, my general rule of thumb is your regionally owned, locally owned things are going to be more advantageous to you because, nine times out of 10, you're going to have more access to decision makers. You'll be able opportunity to perhaps meet the president of the department or that particular region. They're easy to. It's easier to access um individuals with certain level of power. Once you start getting to a larger institution, um, there's just more removal and there's more distance to get um to the decision makers. And that, and the reason I emphasize that jackie, because, like I said in the beginning, this is a relationship-based business.

Speaker 2 34:46

Yes, it is.

Speaker 3 34:47

We do look at paper. You know many people start with 5C, the credit. We do look at that. But there is a lot of discretion involved around the business banking arena because it is dealing with business. So if the bank has an aptitude for, if they have a relationship with you and they trust you and they trust the information that they're receiving, they can, they can make things happen. So for me I would say for a business owner, you want to have a, you want to have a relationship, you want to have a really good relationship with the institution that you decide to bring to bank.

Relationship Banking Benefits

Speaker 2 35:26

And that's if we have a bank that's set up, where they can have a relationship with you. Some banks are going to where they're not having that, but, like you said earlier, it's based on the type of person you are and the type of business you have. The thing is I think what you said was really good is that? Basically, to sum it up, educate yourself on the businesses, the bank services that they offer Absolutely, and see if they match with you. Now my recommendation I know you and I talked about this some time ago that we suggest that you have opened up a credit union bank account and then you may want to do one of the bigger bank accounts. You know you might have your operation account on one and then use the other one for the other services that they may give you.

Speaker 2 36:10

The thing is, you have to get out, and that's what you said, Demetrius we have to get out and learn about the business banking. Now I want to say this to everybody you correct me if I'm wrong when you go into a bank that's a bank, that's an institution, a depositor, they'll have usually have somebody there you can talk to and find out and instead of just saying, oh, I want to open a bank account. Sit down, and I mean this is what I'm recommending Sit down and have a conversation, so talk to us, Encourage us more of how to do that, because they act like they can't come in and talk to you and that's not true. So that's why we're doing this Let them know you're there and they can come in and talk to you guys.

Speaker 3 36:48

And I would even add this before you even go into the actual location of the branch, I would encourage you to network, whether it be your community, with the local chamber of commerce or with the city and their economic development groups. If it's industry specific, go to networking events for your specific industry in your region, in your area. Take note of who shows up from a banking standpoint. Take note on how actively involved they are in that community or in that particular industry. Take notes of who you see there that can tell you a lot about that banks and that relationship building.

Speaker 2 37:42

That is so true. I never thought of it like that because I go to those. But you're right, those that are active, the banks, and that's what I refer people to when I see that they have their reps out or where you put a bank, y'all are business bankers, right, yeah. So when you see that you're right because using the business bankers that we see, like I met you and your bank, I love it and what's attached to you and others I met from other banks and I come to find out those banks are like that, they are relationship banks. Other banks and I come to find out those banks are like that, they are relationship banks. So we have to start now looking for relationship banking guys. It's not like it was 30 years ago, but it's still happening. It's just a little different and that's, like you said, a great idea. Go to the networks where you can kind of meet them on more of an even keel, you know area, and see how that relationship can evolve just by a conversation, and see where it can go.

Speaker 3 38:34

And see what other people are saying about them. What does the community say about them? What is that? Look at the reviews. All of those things I pay attention to. But the reason I brought that up, Jackie, is because that is so important, because nine times out of ten we do so. Bankers hours aren't the way they were when I joined the industry. I'm like these aren't. Typically, our banks are open from nine to five. We work that hour, and so in the evening and on the weekends we are typically closed and we're not working. So I pay attention to individuals that I see out in the community and, like you mentioned in this, that are taking the time to share knowledge, to share resources.

Speaker 2 39:25

Like you, on the weekend, I've seen you.

Speaker 3 39:28

You do it On the weekend out there because they're taking that extra time and for me that indicates a certain level of passion, caring, of wanting to help you, and you're a lender, so you know that there has to be a desire from that banker and from that lender, right To want to help you.

Speaker 2 39:53

That is so true. So we're going to get ready to wrap it up and end it. Demetria, you have been awesome, like you always are. You've been awesome. So, what we want to do, if you want to give some last tips that you want to say to our platform today before we close, definitely I would like for you to do that now.

Speaker 3 40:14

Well, thank you again. I always have so much fun talking to you, jackie.

Credit Union of Texas Advantages

Speaker 3 40:18

You're one of my favorite people, so thank you so much for giving me an opportunity to share the stage with you For the business owners listening into the podcast right now. So I work for the Credit Union of Texas. I'm a business banking specialist there. We are currently in the Dallas market, collin County and East Texas. So if you are in either one of those markets and you feel that you could benefit from having a real relationship in a bank that cares, that caters to your services, I would definitely please give me a call. I'd definitely love to talk to you and see how we can help From a numbers and cents standpoint. What I love about our position, jackie, is that we are growing, we in our business, we're growing in our network, in our market. We are just fabulously out in the community all the time.

Speaker 3 41:17

That's one of the things that drew me to the credit union was our commitment to the community and giving, and with our credit union, we are a not-for-profit institution. We work for our members. So when you open a business account at the Credit Union of Texas, you are a member of a credit union, you are a part owner of our credit union, your voice matters, what you say matters, and we work hard to cater to the needs of our members. One of the things that I've noticed across my career in business owners is that you need to make quick decisions. There are things that could change in the moment's notice, and you need to have access to individuals that can get the job done for you, and so that's. Another great benefit that we have is that my members can reach out to us at any time, and we won't have to.

Speaker 3 42:17

Oh, let me send a report, let me submit this email and see if I can get that approved. Let me wait. I got to wait five days. No, we can make those decisions. We're empowered to make those decisions, and if it's a decision that we cannot make, we're empowered to make those decisions. And if it's a decision that we cannot make, I'm one phone call away from the CEO of the company. So we have a low level in terms of bureaucracy and getting things done, so we can be very nimble, extremely responsive to the needs of our business and we're open minded. That's something that I love.

Speaker 2 42:59

I think it's important when you're interviewing businesses and business bankers is how open-minded are they? Are they rigid?

Speaker 3 43:05

Or do they look for solutions? Are they solution-driven, are they open-minded? And that's what I love about working with the credit union, because that's how I am. I understand that the needs of your business are different. It's going to be different even if we're doing the same in the same business. Your needs are not going to be like the next person. So I like to be able to have the flexibility to meet the needs of my members, and that's something that I'm supported. That's something that we pride ourselves on at the Credit Union of Texas. Then we've got our free business checking account.

Speaker 3 43:40

A lot of the services that I talked about the positive pay, the ACA services. We are not charging our business on those types of services. That's unheard of that's unheard of that is awesome.

Speaker 3 43:54

So, outside of the cost, you know what it costs us to carry out those services. So, for instance, what I'm talking about with the wire transfer, we have to employ other individuals to make that system work. So we do pay a $10 fee I remember paying a $10 fee fee but you don't pay to have that service available to you. You don't. We don't make you have to walk into a branch in order to initiate that wire. You can initiate that wire from your desktop computer, from your mobile device, um, and you can manage your whole business bank from your mobile device. So we are always and we're always looking for ways to improve and we're always receiving information from our members and acting on that.

Speaker 2 44:40

And I must say this you all are a different credit union than some that we are familiar with, especially my team. You all have excuse me, you all have added a lot of the technology piece to you guys. You all are growing and I think it's great for a credit union, because credit union is kind of like I thought they were like old school on a lot of stuff, the way they did things and I see they're coming around, but I see that you guys are coming around a lot faster than most and that's what I want to thank. So we want to thank you again and also we're letting the audience know that Demetrius actually is on our referral page. She's actually our business banker advisor. That's there. So if you don't catch her at CTU, then you definitely can come to our website, which is TDJ Equity Funding, and go to the referral and you will see her where you can go straight to her link and you can book with her and get with her, ok, so again, we thank you for coming in.

Speaker 2 45:33

I want to thank all of you for showing up today. Understand that giving power to the business owner is your power, is the power for you to give with knowledge and resource. Join us next time when we're going to have a franchise consultant on, where you can kind of learn about the franchise business and how that works and ask the questions that you need. In the meantime, everything will be loaded up and sent to our YouTube channel where you all can see all the resources that we offer you guys through video, and if you have any questions, like always, please go to our website. Please go to our website and email us. We would love to hear from you all. Again, thank you, and you all take care.

Speaker 1 46:13

Thank you. We hope you enjoyed this episode of TDJ Equity Funding Insiders podcast. If you'd like to be a guest or get in touch with us, please visit our website at tdjequityllcnet, forward slash podcast or email us at podcast at tdjequityfundinginsidersnet. Until next time, take care.