Large national banks are everywhere. No matter how large or small your city is, you probably have at least one national bank close by. But are they right for you?
These large banks offer a lot of conveniences not available from anyone else. Since they are in so many cities, they make banking away from home very easy. You can use the ATMs at any of their branches often at no charge.
Also their internet banking systems are top-notch. They invest a lot of money to stay competitive. With so many internet-only banks out there, they have to. Many also offer 24-hour phone banking services as well.
Large banks can afford to take bigger risks since they have so many banks to help absorb any losses. This can make getting a loan a little easier if your credit is not perfect. However, they have become more selective and less lenient about loaning money. So it’s still extremely important to get your credit score as high as possible before applying for a loan.
One disadvantage is they are so large that customer service sometimes suffers. The atmosphere in most of these banks is very rigid and corporate. However, it is possible to develop a relationship with bankers in these large banks. It’s just not as easy as with the small community banks.
They are also not as likely to go out on a limb like a smaller bank fighting for your business. Since they are so large it makes it more difficult for them to evaluate each customer’s needs and options. But again, if you can build a relationship with one of these bankers, it goes a long way.
Assuming they are insured by the FDIC, you money is safe in large national banks. If anything happens to your financial institution, you will be covered.
When making a decision about where to bank it’s important to have the facts. Check out the sections on internet-only banks, small community banks and credit unions to help you decide which option or options are best for you.From Large National Banks to Banking Information