When you’re looking for a bank to help you manage your finances, you’ll have many factors to take into consideration. Of course, you’ll want to be able to trust that your money will be safe. You should also consider the quality of service you’ll receive and the type of organization that you’re supporting. It could be a good idea to bank locally instead of choosing a bank that isn’t as invested in your local community. Here’s why banking at a local bank is beneficial to people and businesses.
1. Convenience
When it comes to the range of services provided, many local banks can compete well with national competitors. A local bank can offer a variety of loans, business solutions, and individualized services, so you won’t be compromising anything at all by using a smaller bank. In fact, you might be making things more convenient by using a bank in your community. That’s because it’ll be easier for you to stop in a branch to make a face-to-face transaction. Instead of dealing with someone online or over the phone, you can simply have a conversation with someone right in front of you.
If you need to speak with a manager, you won’t have to be transferred to someone on the phone who may be located across the country, as you’ll be able to talk to someone in management at your local branch. Plus, local banks now have online and mobile options, so you can make deposits, request funds, and access your accounts at any time. Many local banks can entice new customers by waiving ATM fees, providing free ATM cards, and allowing low opening balances.
2. Quality of Service
Many people feel that banking locally can result in better customer service. When you forge a partnership with a local bank, you won’t just be another number. The employees at your bank can match your name, face, and story to your account number. You might see those employees at the grocery store or around the neighborhood, and they can become people with whom you develop relationships over the years. They’ll see you as someone with whom they can build trust, too. This may potentially result in other benefits, as they may be able to customize their services according to your needs. In some cases, local banks may have more flexibility with loans since they might not have as many organizational regulations to follow.
3. Strengthening Community Ties
When you bank locally, you can help your community flourish. Many local banks are known for giving back to their communities in the form of event sponsorship, donations, and assistance with service projects. Additionally, by placing your money in a local bank, you’re helping that bank – which is a small business itself – employ your neighbors in the area. Further, studies have found that community banks provide about 60% of all small business loans. These loans allow fellow community members to fulfill their dreams and potentially employ others. It’s nice when people living in the same area can support each other in different ways.
Published by: Martin De Juan
