When you choose a bank you have a wide variety of banks and credit unions to choose from. You need to consider several factors when making your choices. It is important to realize that there is a difference in big banks and the small hometown banks. A big bank may be the right choice for you, or you may decide that you like the services provided by a small hometown bank instead.
The main advantage to a big bank is that they have locations in many more places. This means that you will avoid ATM charges, because you can often find an ATM associated with the bank. You can also keep your account number and bank account when you move.
One of the disadvantages to a big bank is that the service is less personable. Many bigger banks begin to charge money after you visit a teller once or twice a month. There are usually more fees associated with bigger banks. You are often a number, and will receive customer service dependent on the type of account you hold. Bigger banks are less likely to work with you on loans, and small business accounts.
The main advantage to small local bank is that the customer service is more personable. They are more likely to work with you when you receive a loan. In many cases you actually speak to the person making the decision about whether or not to give you the loan in person. They are generally more willing to work with you if you make a mistake in your checking account ledger. The bank knows that you are an important customer, no matter how much money you have in the bank.
The biggest disadvantage to a smaller bank is that you will need to change your accounts if you relocate. It may be more difficult to find ATMs around town. The hours of smaller banks can be more limited than bigger banks.
Depending on your lifestyle, and your needs you can make the decision about which bank will work best for you. When choosing a bank it is important to make sure that they are FDIC approved, and that they have accounts that fit your individual needs. If you have a large amount in savings you may want to have more than one bank, so that you can take advantage of the FDIC insurance.
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