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5 Important Advantages of Doing Business With Local Community Banks

local community banks

People spend years or decades finding a person they trust as their spouse. And yet, we put little thought into which bank to trust with our livelihood.

Maybe it’s time for that to change. Some people opt for large banks because they assume they have more convenience features. In reality, many local community banks have many of these same advantages as well as several others.

Thinking about changing banks? Check out the benefits you can only get from a local bank.

The Benefits of Local Community Banks

Before you sign on with one of the major international banks, check out these advantages you can only get from a local bank.

Accessible Customer Service

Online chats and 24-hour phone services sound great until you use them. We’ve all felt the frustration of not getting the answer we need from the bots and representatives on these “convenience features.”

If you’re using a major bank without a physical location for personal banking near you, that’s your only option. With a local community bank, though, you can always go to your bank and talk to a real human being in person.

Support Your Local Economy

There’s a growing movement of people who prioritize supporting their local economy. In fact, many people today will go out of their way to shop local.

Patronizing a community bank is a great way to do that. Your local bank brings jobs to the area and puts more money into the local economy. Many of them are involved in local philanthropy as well.

Steering Clear of Predatory Practices

When the 2008 financial crisis struck, there was a lot of talk about the predatory practices of many major banks. To this day, the “Big Four” major banks in the US are among the most mistrusted companies in the country.

With a local, community bank, often times you can feel more confident in your choice knowing you aren’t doing business with someone you know to have an unethical past.

On top of that, people at local banks are people within your community. You’re trusting your finances to someone who lives around the corner from you, not a distant Wall Street executive.

Choosing a Bank You Can Trust

Given everything our country’s economy has gone through over the past decade or so, it’s natural to feel skeptical of banks.

The bank you trust with your money will have a strong impact on your ability to pay your bills, retire, and meet your other financial goals in years to come. For many reasons, local community banks are a great choice.

If you’re ready to start doing business with a community bank, contact our Signature Bank team.