Big Commercial Banks and Small Banks and Smart Repair
Are you looking to the pick the proper bank for you and your family? Well, you're not alone. Many people attempt to weigh the pros & cons when it comes to finding out whether or not to bank at a big commercial bank or at a smaller local bank. The goal of my editorial is to give you some perspective on which type of financial institution is best for you. I've been fortunate to be a part of each type of organizations. Below are the benefits & disadvantages of big banks & small banks:
Big bank advantages:
- You have a larger product line to choose from. You can make a choice from a couple of different checking and savings accounts. Multiple different loan products ranging from home loans, car loans, student loans, business loans, and credit cards. - Easier access to accounts - Better online options (state-of-the-art technology) - More branches - FDIC protection
Big bank disadvantages:
- More people to deal with - Having to deal with the "1(800)" numbers - Lack of relationship banking - More "product pushing" from financial institution employees - Potential of coping with fees
Small bank advantages:
- Personable service - Your bankers understand you & your financial situation, which makes banking easier. - Stronger personal relationship with bank. - Not having to leap thru hoops to get solutions to service-related questions. - Dealing with the same folks for a long period of time. Bankers at smaller banks have longer tenure with their company.
Small bank disadvantages:
- Lack of product knowledge because of the limited product line smaller financial institution possesses. - Everyone is aware of your financial situation. This can be a positive or a negative. - Fewer branches - Website accessibility issues. Smaller banks lack the budget to put money into state of the art technology. - Fewer choices for other types of investments
So, you should ask yourself: what do you value most? If credit repair is considered one of your objectives right now, I personally believe the best financial institution for you is a small local bank. Let's say you need to have a fee waived or you were late on a mortgage payment. You have a better probability to get the fees waived at a smaller financial institution because of the personal relationship you've got with the banker. That is why I would pick out a smaller community financial institution compare to the big mega banks.
Big bank advantages:
- You have a larger product line to choose from. You can make a choice from a couple of different checking and savings accounts. Multiple different loan products ranging from home loans, car loans, student loans, business loans, and credit cards. - Easier access to accounts - Better online options (state-of-the-art technology) - More branches - FDIC protection
Big bank disadvantages:
- More people to deal with - Having to deal with the "1(800)" numbers - Lack of relationship banking - More "product pushing" from financial institution employees - Potential of coping with fees
Small bank advantages:
- Personable service - Your bankers understand you & your financial situation, which makes banking easier. - Stronger personal relationship with bank. - Not having to leap thru hoops to get solutions to service-related questions. - Dealing with the same folks for a long period of time. Bankers at smaller banks have longer tenure with their company.
Small bank disadvantages:
- Lack of product knowledge because of the limited product line smaller financial institution possesses. - Everyone is aware of your financial situation. This can be a positive or a negative. - Fewer branches - Website accessibility issues. Smaller banks lack the budget to put money into state of the art technology. - Fewer choices for other types of investments
So, you should ask yourself: what do you value most? If credit repair is considered one of your objectives right now, I personally believe the best financial institution for you is a small local bank. Let's say you need to have a fee waived or you were late on a mortgage payment. You have a better probability to get the fees waived at a smaller financial institution because of the personal relationship you've got with the banker. That is why I would pick out a smaller community financial institution compare to the big mega banks.
About the Author:
Learn more about smart credit. Stop by Steven Job's site where you can find out all about smart credit repair and what it can do for you.