If you’re trying to decide whether to turn to a national or community bank for your personal or business financial goals, you should know about the main benefits of banking with a community bank. A community bank is well-positioned to provide the personal attention that is crucial to building long-term relationships with customers. Not only that, but they are more likely than larger, national banks to focus on customer service and give back to the local community. Since community banks are more connected to the people and businesses they serve and have closer relationships with their customers, they often deliver an unbeatable banking experience.
1. Faster Service and Decisions
One of the biggest advantages of banking locally is the higher chance of receiving faster services and decisions. Whether you’re applying for a business loan or a Home Equity Line of Credit (HELOC), your application won’t have to go through the bureaucracy and long chain of command of national banks. Instead, your application will likely be reviewed by someone who already knows you and can make a quick decision
2. Lower Fees
Another benefit of partnering with a community bank is the likelihood of lower fees. Since community banks better understand the needs of their customers and want to provide an exceptional experience, they usually charge lower fees compared to national banks. As a result, you may save money in fees by banking with your local bank.
3. Increased Support for Your Local Economy
Everyone knows the value of shopping locally to support their community, and the same principle applies to community banking. Since community banks serve specific geographical areas, you can keep your money in your community rather than giving it to a larger national bank. By choosing a community bank, your money will likely go into your local economy, fueling jobs and small business success. Additionally, community banks often support their communities through charitable giving and education programs.
4. More Personal Attention
When you bank with a community bank, chances are you may receive more personal attention from staff than you would at a national bank. Because of the smaller client base that community banks serve, staff members at your nearest branch can devote more time and attention to assisting you and providing personalized solutions, since it’s more likely loan officers, tellers, and advisors will know you personally instead of being just a number on a screen.
5. Higher Flexibility
Since community banks tend to know more about their customers and goals, they usually have a more holistic process for decision-marking on personal or business loans. A community bank’s greater engagement with their customers means they may be more flexible and work with you to find the right product for your needs. This increased flexibility means you may receive loans and other services more in line with your goals.
6. Lower Employee Turnover and Improved Customer Service
Unlike national banks, community banks tend to retain their employees longer and have lower turnover. Due to this lower turnover, employees have the time and information they need to create better relationships with customers. For example, if you visit a BayCoast branch, you’ll find a long-lasting team devoted to serving our clients.
7. Improved Stability
Community banks have roots deep in the community and work to see it flourish. Since they have a stronger connection to the people and area they serve, community banks are more likely to stick around through hard times and offer customers a stable banking experience. For instance, BayCoast Bank was founded in 1851 and is still serving customers throughout Massachusetts and Rhode Island to this day.
Choose BayCoast Bank for Your Personal and Business Banking Needs in Massachusetts and Rhode Island
With locations throughout Southeastern Massachusetts and Rhode Island, you can find a branch near you. Since we offer business and personal banking services, we’re here to serve you, no matter your goals.
If you have any questions or want to open an account, please feel free to contact us or find a branch near you.