When you choose a bank, it is crucial to find the products, services, and rates that meet your needs. As you assess large national banks vs. local banks for your needs, you may question if the size of an institution matters, and to some extent, it does. However, when choosing an institution for your financial necessities, it is better to familiarize yourself with what you are getting into. National banks tend to have widespread policies and uniform services across their network. However, local banks are more intimate; they have community-oriented services and are more willing to negotiate and work with customers. Here are other reasons why a local bank might be your best option:
Competitive Rates & Low Fees
The account you will probably need the most is your checking account, and many local banks offer Free Checking and other checking accounts with great benefits. Local banks also pride themselves at keeping competitive rates on all types of loans to help customers save.
Local Awareness
Local banks often have an astute awareness of the community they operate in. Local banks are a part of the community, by not only being involved in community events, but also by providing financial services to small businesses and community members on a local level. Additionally, if you are looking for residential or commercial mortgages, a local bank may have a better sense of the market and relationships with local real estate agents.
Personal Assistance
One of the best things about local banks is that they tend to give more individual customer service than large banks. It is not unusual to work with the same representative for your business at a local bank, and bank employees can get to know you and help you reach your financial goals. You develop relationships and know whom to talk to when you have questions and what to expect!
Community Engagement
Your choice of banks should be driven by how you handle your banking, but you may also feel a sensation of comfort when operating with a local institution. Local banks are a component of the local economy, and they usually give back to the community they work in. You will probably see a local institution’s logo at charity events, indicating that they provided funds or other means to help make the event a reality. Another way local banks help is by lending to small businesses through SBA programs and other commercial lending options.
Don’t Overlook the Smaller Guys
As you search for a bank, be sure to consider a local bank as your primary financial institution. Local banks can frequently offer similar products and services as national banks, and they exist to serve their members and communities.
If you are looking to open an account for yourself or your business, contact Mechanics Cooperative Bank! We are happy to answer any questions and help you get started.
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