How To Start A Bank Courier Service Company

The pick up and delivery of bank transit work is a popular and in demand service for a courier company. Some courier companies actually offer only bank courier service work due to the abundance of banks and need for such a service to deliver the banks days worth of work to either the Federal Reserve or to a processing plant which then delivers the work to the "Fed." This is a great area to try and land a first account for a new courier business start up because the accounts usually are large and can carry a courier business on its own. The few problems which arise in this area are that there is a lot of competition for the accounts, so setting a price which is competitive is very important. The next factor which comes into play is that you need the proper insurance's to carry the transit work, these insurance's are bonding (known as being "bonded") and cargo insurance which will cover the bank in case the work is stolen, lost or becomes involved in an accident such as a fire. The insurance's will cover the loss of the hours of work put in by the bank throughout the day. The insurance's can be expensive and must be put into the quote for the account. Some research will put you in touch with insurance companies which cater to the courier service business and acquiring the insurance is actually easier then getting car insurance. The next problem you must consider, is while the bank courier work is abundant and profitable it very well may disappear in the years to come. The technology is moving forward very quickly and soon the bank transit work will be able to be delivered electronically, cutting out the need and use of bank courier services to hand delivery the paperwork to the Federal Reserve. The question is not "if'" this will occur but "when," and so far it looks like the change is about five to ten years away. The addition of the bank work for your courier business will help greatly and should be pursued, however you must diversify your accounts to be stable in the industry. The addition of the transit work will make you money and also will help gain accounts such as bank deposit work which will not disappear. Banks will always require some level of courier service needs, such as bank deposits for their business customers or intra office mail and promotional distribution. The understanding that the bank transit work will disappear should not hinder your marketing and sales from trying to establish accounts with banks, they will need and use courier services in one way or another.