By NARI Industry Partner Truss
Managing finances may not be the most exciting part of running a contracting business, but choosing the right bank can significantly impact cash flow, fees, and overall financial flexibility. A bank that understands the construction industry can help contractors manage irregular income, project-based expenses, and location-dependent work more effectively.
Contracting businesses have unique financial needs that change from job to job. Selecting a banking partner with construction experience can help reduce unnecessary fees, simplify payments, and support long-term growth.
Below are key considerations to help you find the best bank for your contracting business.
1. Identify Your Banking Needs
Start by evaluating how your business currently manages money. Review your existing accounts, transaction volume, payment methods, and accounting processes. This assessment can reveal gaps where a better fit bank could save time and money.
Key factors to consider include:
Holding vs. operating accounts: Holding accounts, such as savings accounts, are used to set aside funds for taxes, payroll, or future projects and may offer higher interest rates or lower fees. Operating accounts function like checking accounts and handle daily transactions such as paying trades, collecting client payments, and managing expenses.
2. Understand Bank Fees and Account Limits
Business banking often comes with hidden costs. Monthly maintenance fees may range from $8 to $30, with additional charges for wire transfers, cash deposits, overdrafts, or insufficient funds.
To reduce these expenses:
Review account terms carefully
Looks for ways to waive fees, such as maintaining minimum balances
Compare transaction limits and per-transaction charges
3. Prioritize Customer Service
Reliable customer service is essential when managing large payments, resolving issues, or scaling your business. Research reviews and customer satisfaction ratings to find banks that offer personalized support rather than treating businesses as just another account number.
Dedicated account managers and knowledgeable support teams can make banking more efficient and less stressful.
4. Evaluate Online and Mobile Banking Tools
Strong online and mobile banking capabilities give contractors greater visibility and control over their finances. Look for features such as:
Online account setup and management
Mobile check deposits
Secure payment transfers
Advanced security protections
Robust digital tools are especially important for contractors managing multiple projects or working across different job sites.
5. Look for Construction-Specific Banking Solutions
Traditional banks may not fully accommodate the needs of contracting businesses. The best banks for contractors offer industry-specific services, such as:
High-limit money transfers
Integration with accounting platforms like QuickBooks Online
Tools designed for project-based cash flow management
Construction-focused banking solutions can streamline workflows and reduce administrative burden.
6. Choose the Right Cards for Your Business
Business debit and credit cards are essential for managing job-related expenses. Look for card programs that:
Allow multiple users
Set individual spending limits
Simplify expense tracking and reconciliation
Cards that integrate with accounting software can save time and reduce errors when tracking project costs.
How Better Banking Supports Business Growth
A strong financial foundation starts with choosing the right banking partner. By focusing on low fees, reliable customer service, robust online tools, and construction-specific features, contractors can improve cash flow management and gain greater financial confidence.
Talking with peers in the construction industry and comparing banking options can help you find a business bank account that meets your current needs and supports your future growth.
Exclusive Benefit for NARI Members
Truss offers banking solutions built specifically for the construction industry, including no monthly fees, no minimum balances, and no transfer fees. NARI members may be eligible for exclusive benefits, including bonus rewards.
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