Have you ever wondered about all the services your local big bank offers to their top tier customers? How can they offer that kind of service and not charge huge fees? Well, the answer is by making their lower tier customers pay fees for just about everything. This includes thousands of ATMs, fees for basic checking or online checking accounts, fees for seeing a teller, and less lending in the communities they serve. A community bank might not have impressive coverage in the Wall Street Journal or Bloomberg, but that’s because their primary interest is on Main Street. Here are five reasons why your local Daytona Beach community bank is a better bet for your money.
1. Lower fees. Big banks have found ways to attach fees to just about every service. Even making a teller deposit can cost you some bucks. If you write more than X checks per month, you could see a fee. No direct deposit means you can kiss your free checking good-bye.
2. More free checking. If you only need a basic checking account, then a community bank has fee-free or even completely free checking – saving you from fee after fee at a big bank, or the chunk of check taken by check cashing businesses.
3. Higher interest rates for savers. Community banks are more likely to lure in savers with higher interest rates for CDs, interest checking, and savings accounts of all types.
4. Flexible lending. Smaller banks are local businesses, too, and are generally more ready to lend to small businesses who will also bank with them. In the same vein, getting a mortgage from a community bank may be easier because they know the real estate market better than some loan officer who might be in another state.
5. Hometown service. Personalized service, where you banker knows your name is not a thing of the past. Smaller banks may also experience less turnover, meaning that your banker is always there to help you, and can remember details that a higher turnover bank might lose.
When you choose a community bank, you are not only getting lower fees, more lending flexibility, and more personalized service, you’re helping your community. The money in a community bank stays in and is invested in the community’s businesses and mortgages for homeowners. Support your community by supporting community banks.
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