A community bank in Maryville can offer several advantages over larger, national banks. Your choice of bank is more important than it might initially seem. Over the course of your lifetime, most of the wealth that you accumulate will pass through the hands of a bank. If you choose the wrong bank, it could disadvantage you in the future. There are many great reasons to choose a local bank over a huge national bank. You’ll get better service, and the company’s overall focus is geared more toward average people like you.
The Advantages of a Community Bank
Smaller, local banks such as United Community Bank, offer several key advantages, which can make them a better choice for personal banking than large national banks.
- A bank in your community is geared toward helping the community. Local banks have different goals and priorities than larger banks. A national bank often prioritizes large corporate interests over individuals and small businesses. Because most of a bank’s loans and services go to local people, it’s in their best interest to serve the community.
- Local banks are often headquartered locally, making them more accessible. The headquarters of a big national bank is often located hundreds of miles away. When you call for customer service, you’ll probably be redirected to a large, remote call center. Because they’re local, a bank that’s based in your area can offer you better customer service.
- They’re more likely to understand the needs of local small business owners. When it comes to big national banks, it’s in their best interest to focus on benefiting large corporate entities. In contrast, a small local bank prospers when it helps local businesses thrive. The employees and professionals at a local bank will understand the economics and demographics of the local region, allowing them to offer better consultation for small business owners.
- Their loan criteria is often more personalized and flexible. Large national banks use rigid, impersonal standards to decide whether you qualify for a loan. It’s generally based on your credit score, with little regard to individual circumstances. A community bank is more likely to take other, less quantifiable, factors into account when considering someone for a loan.
- Local banks have fewer hidden fees. Large national banks are notorious for charging hidden fees. Local banks are generally more transparent about their fees and rates, and they’re less likely to be deceptive about what will incur a fee.
Whether you’re an individual looking to open a personal checking account, or you’re opening a small business, a local community bank is worth considering. They’re more likely than national banks have your best interests in mind, and they have more of a stake in your local community. Unlike national banks, it’s in a local bank’s best interest to help your community grow. They’re less likely to be unscrupulous, and you’ll get better customer service.
