Small Community Banks

Have you ever wondered if small community banks are right for you? The answer is it all depends on what you’re looking for.

Small banks are usually friendlier and give better service than large ones. This is because they know they can’t compete with the corporate giants for name recognition. So they make up for it by treating you well. Customer service is a big selling point for them.

Often you’re on a first name basis with the tellers and bank officers. This can benefit you if you decide to buy a home or apply for a loan. These bankers will try very hard to help you get that loan. They don’t have a large chain of banks to spread out costs so every customer is important to them.

One of the disadvantages is their technology is not always up to par with the big guys. A lot of small banks do offer some form of internet banking but they can’t usually offer as many options. It is however, usually sufficient so it’s worth checking out to see if it works for you.

Also, since they’re local, be prepared to pay ATM fees when you’re out of town. Large banks have branches in lots of major cities and usually offer free ATM usage at any of their banks. This can sometimes be avoided by using your debit card to get cash back after purchases.

Small community banks are just as safe as the large banks as long as they are insured by the FDIC. The same replacement limits apply to all financial institutions so you can have confidence that if something happens to your banks, your money is safe.

Some other options are internet-only banks, large national banks and credit unions. You may choose to deal with several different types of financial institutions or just one. The most important thing is that you find one or a combination that works for you.

From Small Community Banks to Banking Information