With the popularity of online banking on the rise, a growing number of people are turning away from community banks and setting their sights on national institutions. While there is nothing wrong with considering this idea, you don’t want to make a change until you thoroughly compare the pros and cons of both options.
Here are three of the top reasons to shun national banks for one in your local community:
1. Higher level of customer service. This may not always be the case, but most people agree that they get better service from a local bank than one that is doing business from one side of the country to the next.
Here is something else to consider: you can visit a local branch if you want to speak with somebody in person. This is not always an option when you bank with a national brand.
2. Support the local economy. There is nothing more important than putting your money to work to grow your local economy, especially with the way things have gone over the past decade.
Small businesses, such as community banks, are in position to create many local jobs. Along with this, local companies can turn to these financial institutions for financing. As a result, those companies are also able to boost the local economy through new hires and increased profits.
Big banks don’t typically care about local communities. Big banks spend a small amount of time and money on small businesses.
If you want to support your local economy, choose a community bank.
3. Community banks share your goals. Think about it this way: when the economy thrives in a particular area so do the banks. For this reason, it is safe to assume that they share many of your same goals for your community. Can the same be said about bigger, national banks that focus most their time and attention on Wall Street and multi-billion dollar corporations?
Regardless of why you are in search of a bank, consider all your options. Even though it is important to do what is best for you and your money, make sure you consider the benefits of choosing a community bank.