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Top Seven Motivations for Using Community Banks
There are several motivations for switching to a community bank instead of some national institution in the link. There are seven motivations of supporting a local bank and not a superior entity, if you view here for more.
Similar Services, Cheaper Costs
Community banks and larger banks usually have the same services to offer, but community banks have lower costs. The interest rates offered by small financial establishments on savings are typically higher. Fees on debit cards, credit cards, and online bill payments also have lower rates.
Local Deposits Remain Local
Major banks usually receive deposits in a particular state then loan that money to the other states. Community Banking institutions offer Business Loans or loan out their funds to local communities and neighborhoods. This benefits the rest of the depositors in your neighborhood.
Executives Stay LocalExecutives Live Locally
With some national entity, one never knows where the bank executives as well as managers come from. With community banks, however, you can be certain its executives live nearby, can be easily accessed, and are involved in your neighborhood.
Valuable Investment
Nationwide institutions are mostly engaged in speculative trading and so they reserve a substantial portion of their income for Wall Street. This maybe very profitable for them, but does not benefit their clients nor the economy of the local community in any way. Smaller institutions like a community bank, however, does not depend upon such investments, rather choosing to work with clients by using the deposits for loans.
Individual Qualification Criteria
Larger institutions without local origins mostly use some forma qualification criterion when determining a loan application. On the other hand, a community bank is open to take into consideration family history along with personal character whenever deciding on a loan. Because individual circumstances in fact matter to community banks, they often spend time to take these into account.
Shorter Wait Periods
Looking for quicker new loan application acceptance? A community bank is going to work to your advantage. Because all officers and employees reside locally, they can make decisions quickly. Megabanks get delayed by the approval committees that they have, which are dispersed across various states.
Small Businesses Value Small Businesses
Sounds simple, doesn’t it? Smaller banks as well as credit unions are small businesses themselves and so they relate to and identify with other small businesses. Major banks operate in a similar manner as mega corporations, paying millions of dollars for their CEOs, closing branches whenever resources become tight, and having their employees work long , tiring hours. This is why cannot really identify with small businesses or the people related to them.
Click this link to find out more about community banks and how they can best serve your needs.