RFP Indicator Quiz

QuestionScore
1   If it has been 2.5 years or longer since your last RFP, score 2 points.
2   If your major operating bank has changed or merged in the last year, score 1 point.
3   If your company merged or experienced a major change in business in the last year, score 1 point.
4   If you are unhappy with the performance of your major operating bank or the amount of attention it gives you, score 1 point.
5   If you are unhappy with the current bank products and services you are using, score 1 point.
6   If you feel you are paying too much in bank service charges, score 1 point.
7   If you do not review your bank account analysis statements regularly, score 1 point.
Total:

ANSWER KEY

If your score = 5 or higher: Are you tied to your operating bank by credit agreements?
If not: You are a prime candidate for a full Request for Proposal (RFP).
If you are: You do not want to jeopardize your credit agreements by starting an RFP at this time.

However, if you answered Yes to questions 4, 5, or 6, consider talking with your bankers to resolve these issues and let them know there is time to improve before you do a full RFP.

If your score = 5 or less: A full RFP is not needed now.

However, if you answered Yes to question 4, consider talking with your bankers to resolve these issues and let them know there is time to improve before you do a full RFP. If you answered Yes to question 5, consider doing a Request for Information (RFI). If you answered Yes to question 6 and are otherwise happy with your current bank services, consider doing a compensation review.