Choosing the right bank is not an easy thing to do. Today, there are many different types offering great financial services. So in order to find the right bank for you, check out the similarities and differences of these banks as well as the benefits and disadvantages of using them.
It is important that the bank you choose can meet your needs, so choose the one closest to this goal. If you need a new home, then you should choose a bank that can provide you with the mortgage to purchase one. Otherwise, you remain living in your apartment. If you are a business owner, it is important to choose the right bank so that you can obtain the loan that you need to keep yourself in business. It can be quite tricky to find a bank for your needs. A community bank is the type of bank that we will consider in this article. Below are some of the advantages of using a community banks.
When executive from larger banks leave their mother bank, they sometimes put up their own small bank which is a community bank. New community banks are starting to flourish because of the void left by successful community banks that were acquired by regional and national banks.
In a small community, it is easy to reach out to senior bankers and top management, a benefit that you cannot have with larger banks. In a community bank, even front line employees are allowed to use their own discretion to make decisions. In a large bank, you need to follow strict policies and procedures from corporate headquarters, so decision making is always done at the top. Before offering you a mortgage, large banks need to check your credit score first.
There is a great difference if you apply for mortgage in a community bank since they do not out rightly deny you mortgage simply because you have a bad credit, but they also check out your unique circumstance which can help influence their decision to give you a mortgage.
Another benefit of community banks is that they offer personalized services that cannot be matched by larger banks. You can find very friendly tellers or even a bank officer delivering documents to your business, and this is what their highly personalized services look like. The good thing about community staff is that their staff remain loyal to the bank and this help them provide a consistent customer service experience.
But, with the benefits, the disadvantage of a community banks is that because of their size, their branch network is limited, their lending capabilities are also limited and so is the range of their financial services. The good thing is that if you have an ATM card for your community bank account, it can still be used all over the world and can have online access anytime.