Banking Services

Whether you need startup funds, credit card processing or general services, find the bank that's right for you.

Money & Credit

Choosing Banking Services

With all of changes taking place in financial services, it's important to find a bank or financing source that understands your practice and your needs. Typically, bankers are looking for long-term relationships, just like you look for in practice. Your main goal, like so many other aspects of running a practice, is to find a good match.


If you're going to the bank to borrow money, it's generally expected that you'll also establish your deposit accounts at the bank so they can develop a full financial relationship with you and your practice. Consequently, you may wish to inquire about bank accounts at the same time you are looking for financing. Once you have agreed to terms for borrowing funds from the bank, you should establish your bank accounts there as well.

If you are obtaining financing from other sources, or do not need financing for your practice, bank accounts should be selected primarily based on:

  • convenience
  • costs of maintaining and utilizing the accounts
  • any established banking relationships you may have in place
  • products offered

For example, some institutions have more sophisticated online services available, which may be an important factor in your relationship decision.

Be sure to shop around for financing. Banks' appetites may differ depending upon their prior experience with chiropractic or other types of small business loans.

Separating Practice and Personal Finances

A bank account should be established for the practice finances separate from any personal bank accounts. One of the very basic concepts of business accounting is that your business entity is a separate, segregated concern, which means your practice and your personal account must be maintained separately.

In addition to the basic deposit accounts there may be other accounts you wish to establish such as a short-term investment account or savings account and other accounts for managing different types of funds.


The information in the NCMIC Learning Center is offered solely for general information and educational purposes. It is not offered as, nor does it represent, legal or professional advice. Neither does this information constitute a guideline, practice parameter or standard of care. You should not act or rely upon this information without seeking the advice of an attorney familiar with the specific legal requirements of the state(s) in which you practice. If there is a discrepancy between the site and an insurance policy you have with NCMIC, the policy will prevail.