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Common Banking Mistakes to Avoid

Regardless of the type of bank account you open, each comes with their own range of responsibilities and considerations. Too often, people are subjected to avoidable charges, or are otherwise placed in compromising situations due to a minor error with a major impact. Newton Federal is here to help you navigate and leap over any banking mistakes you may be facing.

Knowing Who to Trust Your Company With

As strange as it may sound, not all financial institutions are created equal. There are several different categories and subcategories of banks, each with their own unique set of stipulations. Be sure to comb over your options with a fine tooth before making any lasting decisions.

Never make decisions like these with the present in mind. It should be considered, no doubt. But the key is to ensure that you’re also considering your potential development, and that your bank of choice is on the same page as you when it comes to intentions. 

Know When to Get a Business Account

For those of our site visitors that are entrepreneurs, here’s a big one to remember when securing your business. Many people make the banking mistake of not transitioning to a business account upon founding and initiating their company.

One of the biggest concerns here is distinguishing between personal and company debits and credits. It won’t take long for confusion to build, to the point of possible dire circumstances for both you and your company. This can impact the trajectory of your brand, and ultimately spell impending disaster.

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Tracking Incoming Payments

Having an accurate report of your incoming payments is critical to staying afloat and in compliance. For those doing a lot of cash sales, and/or operating without a bank account, it can be difficult to keep a consistent tracker on these. In fact, it may prove cancerous to your business’ overall mission.

Your best bet is to see what tools your bank offers for tallying these figures. There’s usually some automated schema that helps to simplify the entire process. You can browse Newton Federal’s massive service logs to see just how in-depth our support can get.

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Tracking Debits and Credits Accurately

This is a big banking mistake. The key to your company’s success lies in its ability to keep a proper record of what’s going out and what’s coming in. Failing to do this not only puts you behind the curve, but it also limits your options when it comes to future financing efforts.

One way to ensure this gets done is to use your technological resources. A well placed phone reminder, complete with descriptive text to log your finances may be the perfect, simple way to stay up to date here. 

Working with Newton Federal

Looking to avoid these pesky banking mistakes? Newton Federal is your go team for quality banking services. As stated, our site hosts tons of relevant information aimed squarely at keeping our customers informed, prepared, and ready for success. Contact us today to learn more 

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Newton Federal Bank is a division of Affinity Bank. Newton Federal Bank and Affinity Bank are the same entity for the purpose of calculating FDIC insurance limits and deposits.  Newton Federal is not responsible for and has no control over the subject matter, content, information, or graphics of the web sites that have links here. Please contact us with any concerns or comments. © 2021-2022 All Rights Reserved.