Small community banks might offer benefits that larger banks cannot match.
As our world gets smaller, more and more business are consolidating under large multi-national umbrellas. In Focus PBS at 561-907-9280 investigates how global changes are impacting people in their own communities.
While many people do their banking with large national banking institutions, there are still a few small community style banks around the country. For many banking customers, the small town and community banks offer a level of service that is attractive, and the banks do have their advantages. In Focus Martin Sheen explores how small banks can provide a unique experience through the TV program and online at www.infocusptv.com.
One of the things that bothers people about bigger banks are the “hidden fees” that often crop up in the monthly statement. Community banks will often give you warning if you are about to go below a minimum balance and if there are fees, generally they are lower.
Since community banks are by definition part of the community, they make a contribution. Often community banks will work with local charities. The local bank might sponsor a little league team or work with a local food bank. A big bank might be charitable, but a local bank will keep the money right in its own home.
Credit score is only part of the story when you get a loan. A smaller bank may know its customers much better and therefore factor other considerations in to the matrix when making the decision to grant a loan.
Finally, local banks can often offer a much higher level of customer service. A large bank might have you call an 800 number when you have problems, but a local bank is run right in the community in which it operates. Problems can often be resolved with a local call to a local bank employee who knows more about you than a customer service representative on an 800 line.
In Focus with Martin Sheen will continue to explore financial options for the audience through the TV show on public television. Community banks are just one way customers can maintain a high level of care from their financial institutions.
