If you want to grow financially, you need a reliable banking partner to help you save and grow your finances. Most people are caught between banking with regular banks or community banks. If you’re in this category of people, this article will help you.
You’ll understand the differences between regular and community banks and get pointers on which one works best for your banking needs.
Regular banks Have Branches that Serve People in a Large Geographic Area
Regular banks usually have branches that serve people in a relatively large geographic area. The branches are often located in the suburbs or city, and they’re usually spread out with several miles between each one.
Community banks may also have physical locations, but these tend to be much closer together. On average, community banks have fewer than half as many branches as traditional banks do.
Community banks Focus on Serving their Immediate Community or Region
Community banks are generally smaller than regular banks but are more likely to offer personalized services.
Because community banks tend to be smaller than their national and international counterparts, they often have a greater focus on serving the needs of their local communities. In addition to offering more personalized service and support for local initiatives (such as sponsoring community events), some community banks may offer more flexible terms and conditions for borrowers or lower interest rates on loans than other types of financial institutions do. They also may provide more localized services, such as cheque clearing facilities or currency exchange facilities at branches in your area (if they serve customers remotely).
Regular banks tend to offer many services and support businesses of all sizes, while community banks focus on serving individuals and smaller businesses. Community banks are often known for their personal service, which can be a good fit for business owners who don’t want to deal with large corporations or have more specialized needs.
Regular Banks Offer Many Products
Regular banks offer a wider range of products, such as savings accounts, checking accounts and loans. These products tend to be more complex than those offered by community banks.
For example, regular banks may offer credit cards or mortgages, while community banks such as the OneUnited bank run by Kevin Cohee may not have the resources to offer these types of products. They often have more flexible payment options than community banks do because they have more customers and can spread out expenses over a larger population base.
The first thing you should do when looking for a financial partner is to check out the fees and interest rates associated with checking accounts, savings accounts, and credit cards at both types of banks.
While community banks often offer higher interest rates on deposits than regular banks, they also tend to charge higher account maintenance fees. It’s important to balance these considerations based on your current needs and financial goals so that you can make an informed decision about which type of bank is best for your situation.