Why You Should Choose Local When It Comes to Banking
CHARLESTON, SC (FOX 24 News Now) — Banking is like an email address. Changing from one institution to the other seems daunting and time-consuming.
Most Americans typically bank with the national or regional establishments because they are omnipresent, marketed well and have become household names.
But did you know banking local is good for your wallet and the community?
5 Reasons to Move Your Money:
1. Get the same services at lower cost: national data shows small financial institutions offer the same variety of services at a lower cost and on average offer better interest rates and better terms on loans.
2. Your money supports the local economy: small and midsized banks account for more than half of all business lending. By using a local financial institution you are supporting our local businesses who create a majority of new jobs.
3. Keep decision-making local: local banks and credit unions make loan approvals based on face-to-face relationships and an understanding of local needs. This often leads to leans that big banks would reject.
4. Local institutions share a commitment to our community: the more a community prospers, the more local banks and credit unions prosper – making local institutions intimately tied to the well being of our place.
5. Support productive investment: the primary activity of most small banks and credit unions is to turn deposits into loans and other productive investment in the community. Big bank resources are generally used to generate profits for the institution and for shareholders.