When you’re responsible for managing ministry money, every season has its focus. There’s budget time, year-end giving, and so many more. What about mid-year? If it’s been awhile since you sat down to talk with your banker, the time to do it is now.
You’ll find a good starting point for the conversation in an XPastor.org article titled “Five Questions to Ask Your Banker.” The first one—Can we meet soon to analyze our accounts for the past year?—is vitally important but so often overlooked. Here’s what the article says you can learn by asking this question:
If you want to know how something is working, step one is to evaluate it. Mechanics do it when cars come into the shop. Bankers can help you do it, too. Start by looking at the transaction volume and fees on each month’s bank statement. Are there any unnecessary charges, either for unused services or redundant procedures? Are there ways you could manage your accounts more efficiently and cost effectively? Finally, could any fees be reduced or eliminated?
This is an area you’ll want to probe with your banker. If changes to your account structure could mean your deposits earn more money or your fees are lowered, that translates into additional money for ministry. The second question—Are we in the right account structure?—will help you drill down and find those money-saving or fee-reducing opportunities.
ECCU’s ministry banking specialists frequently help ministry members adjust their accounts to steward their funds more effectively. Contact us if you want to schedule a conversation.
And here are the other three questions to ask your banker:
- How can we maximize our reserve and savings funds?
- What’s new in the banking industry?
- How about the Bat Phone?
Check out the XPastor article to learn more…especially about that Bat Phone. Then schedule an appointment with your banker. Having that conversation is a great way to evaluate how well you’re managing ministry funds.