Break Free from Big Banks with Your Local Community Bank
July 2023 | BankIn Minnesota
When you think about the biggest banks in America, what comes to mind? Perhaps you find yourself thinking things like: impersonal service, excessive fees, limited local involvement, red tape.
Maybe you don’t think much at all – they’re simply faceless institutions that hold your money, and you just deal with any inconveniences as they come. Because that’s just banking, right?
It doesn’t have to be.
You can break free from big banks and take an active role in your personal finances – and you can trust your community banker has your back.
Big Banks: Take a Number. Community Banks: Personalized Service.
One of the biggest complaints about national banks is their impersonal approach to customer service. Often, customers feel like a number in a system, making it challenging to receive individualized attention and tailored financial solutions.
Community banks, on the other hand, are known for their local knowledge and personalized service. By focusing on building relationships with their customers, community banks can understand your unique financial needs and provide attentive, personalized guidance.
Big Banks: Complex Fee Structures. Community Banks: Full Transparency.
Many big banks are notorious for their complicated fee structures, leaving customers frustrated, confused, and paying more than they expected.
In contrast, community banks offer fair and transparent fee structures (and some may even provide generous complimentary services as part of the features and benefits of their accounts). Choosing a community bank can help you avoid unpleasant surprises and save money in the long run.
Big Banks: Distanced and Minimally Involved. Community Banks: Part of the Neighborhood.
By their very nature, national bank chains are just that – a chain. They may make the occasional local donation, but their involvement in the local community is typically limited and transactional.
Community banks, on the other hand, are deeply involved in the communities they serve. They actively support local businesses through loans and financial services, contribute to community development initiatives, and sponsor local events. By banking with a community bank, you become an integral member of a team working to foster local economic growth and development.
Big Banks: Red Tape. Community Banks: Flexibility.
The decision-making process in big banks can be slow, bureaucratic, and inflexible. Decisions regarding loans, mortgages, and other credit approvals are often based on rigid criteria and standardized algorithms, leaving little room for considering an individual’s circumstances.
Community banks take a more personal approach, where local decision-makers understand the nuances of the community and make lending decisions based on character, relationships, and local market insights. This flexibility can greatly benefit individuals and businesses, especially during challenging economic times. Throughout the COVID-19 pandemic, community banks demonstrated their agility by swiftly supporting both existing customers and customers of big banks – who couldn’t get a call back from their big banks – with PPP loans and other pandemic relief programs.
If you're tired of impersonal service, big fees, and limited local involvement from your big bank, it's time to consider a community bank. By making the switch, you can enjoy a better banking experience while actively contributing to the growth and well-being of your local community.
Find your community bank.