Are you looking to the select the correct bank for you and your family? Well, you’re not alone. Many people try to weigh the pros & cons relating to finding out whether to bank at a large commercial bank or at a smaller local bank. The objective of my editorial is to come up with some perception on which type of financial institution is best for you. I’ve been lucky to be a part of both types of organizations. Below are the benefits & negative aspects of giant banks & small banks:
Big financial institution advantages:
– You have a larger product line to make a choice from. You can make a choice from more than one different checking and savings accounts. Multiple different loan products ranging from house loans, automobile 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 financial institution 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 dealing with fees
Small bank advantages:
– Personable service – Your bankers realize you & your monetary situation, which makes banking easier. – Stronger personal & professional relationship with bank. – Not having to jump through hoops to get answers to service-related questions. – Dealing with the same folks for an excessively lengthy time. Bankers at smaller banks have longer tenure with their company.
Small financial institution 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 should ask yourself: what do you value most? If credit repair is considered one of your goals right now, I personally consider the most efficient bank for you is a small local bank. Let’s say you want to waive a financial institution charge or you had been overdue on a mortgage payment. You have a greater chance to get those fees waived at a smaller bank because of the personal relationship you have with the banker. That is why I could pick a smaller community financial institution rather than the big mega banks.
Learn more about smart credit. Stop by Steven Job’s site where you can find out all about smart credit repair and what it can do for you.