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Interview with Jennifer Hisdorf

This month, I wanted to focus on fraud, specifically banking fraud. It is critical for business owners to know their responsibilities. I think it is important for me to pass on information as I learn.

I had the pleasure of spending time with Jennifer Hisdorf, who is the VP of Treasury Management Banker at Brentwood Bank.

My goal was to learn how to interview my banker. I wanted to determine whether they were right for my business. How do I know what bank is right for me if I do not already have a banking relationship? What are some questions I should ask?

Here is what Jennifer said:

The Top 5 Questions You Should Ask Your Banker

1. How can we grow together?

It is important to ask your banker how they see your relationship growing and developing. How can you help each other?

2. What is your lending process?

Be proactive and ask this question early. Understanding this will help prepare you for the future.

  • When do you determine that you need a loan?
  • What process do you have to go through?
  • How do you qualify?

3. Does your bank understand your Industry?

  • What is the bank’s asset size; is it bigger and less personal?
  • Are the leaders of the bank actively involved in the community?
  • Is there diversity at the bank?
  • Are they part of the FHLB (Federal Home Loan Bank System) Bank to Banks?
  • Do they have offerings for minority and women-owned businesses?
  • Are they members of BOBIE or BOB (Banking on Business), providing loan gap coverage for minority and women-owned businesses?

4. Does the bank align with the statement and vision of your business?

  • What plans does your bank have for the future?
  • Do those plans coincide with your company’s values?

5. Protecting Assets – Security and Fraud

Business banking is very different from personal banking.

  • Do you understand your responsibility as a business owner in cases of fraud?
  • Do you understand the bank’s responsibility for security?
  • Did you know that you will likely not receive reimbursement if you fail to report fraudulent activity within 24 hours?

Need a Free Fraud Checkup?

Do you need a free fraud checkup? Feel free to contact Jennifer directly:

Jennifer Hisdorf, VP, Treasury Management Banker / (412) 409-9100 (extension: 408)