09/23/2022: Why are Local Banks Better?
There’s no doubt that you have a variety of big-name banks and financial institutions in your community, so how do you choose where to conduct business? If you think going with the most prominent name is the best choice, that is not always the case. The local bank or credit union in your community offers many unsung benefits, so it is a great idea to explore your options to find the best fit for your needs.
Why are Local Banks Better?
Personalized Banking Experiences
Local banks serve a smaller community and are integral to the residents. Living and working in the area, bank executives understand the needs and concerns of locals. They can address specific issues, particularly in an otherwise underserved community. For example, they can work with language barriers or address banking requirements that larger banks do not necessarily customize for individual communities.
Higher Quality Service
Smaller organizations tend to have less employee turnover than larger national institutions. As a financial institution, this is important because it allows the employees to develop meaningful relationships with their customers and better understand and meet their needs. In addition, it often provides for flexible but knowledge-based decision-making that is sometimes impossible in national banks.
Your local bank is far more likely to be involved in the community on a personal level. From sponsorships to volunteering, hosting special events, and scholarships, you will find your local bank and its employees participating in or hosting events for non-profit organizations, schools, or the community. You are not just a consumer to them – you are part of the family.
Local banks have more flexibility and often offer more free accounts. They may also charge fewer fees than national banks.
Local Banks Stimulate the Local Economy
If your money stays local, the bank can help more people and businesses throughout the community. Community banks are a driving force in local businesses, and so you are helping to support small business owners. It could also be your neighbor who needs a new car loan or a friend who is taking out a personal loan for various expenses.
Your Money is Just as Secure
When your money is FDIC insured, it is just as safe in a local bank as in a national bank. Community banks are subject to the same federal security standards, safety protocols, and compliance standards as every other bank and credit union. You will speak directly with the lender or financial advisor when you have questions or concerns. You will never have to worry about being bounced around or working with someone not involved with your accounts.
Bank Local with State Bank
When you bank locally, you have all the benefits that large banks extend, but you will experience higher quality service and a more personalized experience. You will benefit as a community member from working with a bank that supports local businesses and the economy and being part of the bank’s ability to serve the local community. You will realize that you are valued as far more than a customer – you are treated as a valued member of the community and as a friend at State Bank.
You’ll immediately feel at home when you walk into State Bank!
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