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Top Seven Motivations for Using Community Banks
There are plenty of reasons to choose a community bank rather than national institutions. There are actually seven reasons, which you can learn more about why you should be supporting local banks in the discussion that follows .
Similar Services, Cheaper Costs
Community banks typically present the same services as the major ones, but for lesser costs. The interest rates offered by small financial establishments on savings are typically higher. Some other fees such as for debit and credit cards, along with fees for paying bills online are lower as well.
Local Deposits Are Left Local
A megabank typically allows deposits in one neighborhood and then lets somebody from outside use that money. Community Banking institutions offer Business Loans or loan out their funds to local communities and neighborhoods. This supports the other depositors within your area.
Executives Stay LocalOfficials Stay Local
If it is a nationwide bank, its rather difficult for you to recognize where its managers and executives are located. With community banks, however, you can be certain its executives live nearby, can be easily accessed, and are involved in your neighborhood.
Fruitful Investment
National institutions allocate a great amount of their funds for speculative stock market trading. While this brings in a good return for these institutions, this does nothing for the home community or their clients. Smaller banking institutions do not depend on investments like that, but instead choose to work in order to convert the deposits of their clients into loans.
Individual Qualification Criteria
Larger institutions without local origins mostly use some forma qualification criterion when determining a loan application. In contrast, commercial banks are often receptive to taking into consideration personal character and family history when coming to a loan decision. Individual situations are actually important to local banks and they will spend time looking into these.
Shorter Waiting Times
Looking for quicker new loan application acceptance? Community banks will be very favorable for you. Due to the fact that bank executives along with the employees are situated locally, they can decide on these things with haste. Megabanks have loan approval committees, which slow down their loan process because the committee members are spread out throughout multiple states.
A Small Business Understands Small Businesses
Sounds easy, right? Credit unions along with smaller banks are themselves small, which is why the understand and relate to small businesses. Large banks are like mega organizations when it comes to how they operate, paying their officers millions of dollars, making employees work for extended hours, and closing down branches when resources get tight. This makes their understanding of small entities and the individuals associated with these businesses rather shallow.
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