Big Commercial Banks and Small Banks and Credit Repair

Are you looking to the select the appropriate financial institution for you and your family? Well, you are not alone. Many people try to weigh the pros & cons in terms of identifying whether or not to bank at a big commercial bank or at a smaller local bank. The purpose of my editorial is to come up with a few insights on which form of bank is perfect for you. I’ve been fortunate to be part of each type of organizations. Below are the advantages & disadvantages of giant banks & small banks:

Big financial institution advantages:

– You have a bigger product line to choose from. You can choose between more than one different checking and savings accounts. Multiple different loan products starting from home loans, car loans, student loans, business loans, and credit cards.
– Easier access to accounts
– Better online options (state-of-the-art technology)
– More branches
– FDIC protection

Big bank disadvantages:

– More folks to deal with
– Having to deal with the “1(800)” numbers
– Lack of relationship banking aspect
– More “product pushing” from bank employees
– Potential of coping with fees

Small financial institution advantages:

– Personable service
– Your bankers recognize you & your monetary situation, which makes banking easier.
– Stronger personal & professional relationship with bank.
– Not having to jump thru hoops to get answers to service-related questions.
– Dealing with the same folks for an excessively long time. Bankers at smaller banks have longer tenure with their company.

Small bank disadvantages:

– Lack of product knowledge as a result of the restricted product line smaller financial institution possesses.
– Everyone is aware of your financial situation. This could be a positive or a negative.
– Fewer branches
– Website accessibility issues. Smaller banks lack the budget to put money into cutting-edge technology.
– Fewer choices for other forms of investments

So, you must ask yourself: what do you value most? If credit repair is one of your goals right now, in my opinion would consider the best bank for you is a small local bank. Let’s say you wish to have to waive a bank fee or you had been overdue on a loan payment. You have a better likelihood to get the fees waived at a smaller financial institution as a result of the personal relationship you have with the banker. That is why I would select a smaller community bank compare to the massive mega banks.

Want to find out more about credit repair, then visit J.R. Rowling’s site on how to choose the best credit repair tips for your needs.

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