Are you looking to the pick the proper bank for you and your family? Well, you’re not alone. Many people attempt to weigh the pros & cons when it comes to finding out whether or not to bank at a big commercial bank or at a smaller local bank. The goal of my editorial is to give you some perspective on which type of financial institution is best for you. I’ve been fortunate to be a part of each type of organizations. Below are the benefits & disadvantages of big banks & small banks:
Big bank advantages:
– You have a bigger product line to choose from. You can make a choice from more than one different checking and savings accounts. Multiple different loan products ranging from house 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 people to deal with – Having to deal with the “1(800)” numbers – Lack of relationship banking – More “product pushing” from financial institution employees – Potential of coping with fees
Small bank advantages:
– Personable service – Your bankers understand you & your financial situation, which makes banking easier. – Stronger personal relationship with bank. – Not having to leap thru hoops to get solutions to service-related questions. – Dealing with the same folks for a long period of time. Bankers at smaller banks have longer tenure with their company.
Small bank disadvantages:
– Lack of product knowledge because of the limited product line smaller financial institution possesses. – Everyone is aware of your financial situation. This can be a positive or a negative. – Fewer branches – Website accessibility issues. Smaller banks lack the budget to put money into state of the art technology. – Fewer choices for other types of investments
So, you must ask yourself: what do you value most? If credit repair is one of your objectives right now, I in my view believe the best financial institution for you is a small local bank. Let’s say you need to waive a financial institution fee or you have been late on a loan payment. You have a greater probability to get those charges waived at a smaller financial institution because of the personal relationship you have with the banker. That is why I would pick out a smaller community bank compare to the big mega banks.
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