Top 5 Reasons to Use a Community Bank

Author:     Monday, September 08, 2014 12:00 AM

Banking continues to be a highly competitive industry with a number of different players gracing the field and jockeying for your business. While it is certainly true that choice is good for the consumer's bottom line, it is important to realize that not all financial institutions are created equal. In spite of the marked trend toward national banks that are extending their reaches into every niche and cranny of the country, there is good reason for looking past their slick and expensive marketing campaigns and setting your sights on your local community bank.

1. Community is the Operative Word

Unlike national banks, a regional bank that is locally based has significant ties to the community it serves. In addition to being personally vested in the success of the community, a local bank often provides significant support in the form of involvement with local causes and charities.

2. Same Services, Better Value

There is a perception that national banks can provide their customers with services that community banks are not able to offer. Nothing could be further from the truth, however. Whether you are looking for banking services for yourself or your business, community banks have you covered. For example, hey offer technologically advanced options like online banking with bill pay as well as debit and credit cards. Studies have shown that community banks fees tend to be lower when compared to national chain banks.

3. Your Banker is Probably Your Neighbor

Even if your banker at your local community bank does not really live right next door to you, chances are that he or she lives in your neighborhood or nearby. The person who will be making the final decision on your loan application or your request for a mortgage is going to be the same one who is sitting the desk at the bank branch you visit. Because you know your banking personnel outside the parameters of the bank, you know they are trustworthy and have the best interests of you and your neighborhood at heart.

4. Productivity That is Plowed Back Into the Community

Unlike national bank chains that have to answer to their investors on Wall Street, community banks use the deposits from their customers as a way to make funds available for local growth. These loans and other investments mean a better community for everyone.

5. They Nourish Your Local Economy

Those small businesses that are the backbone of your community rely on local banks for their funding. Giving your community bank your business frees up more assets that can be used by local businesses, making the community at large a better place.

Community banks offer a host of advantages that tie into the local economy. Do your part and support your local bank today.

Source: BFI