Community banks are quickly growing in popularity recently as more and more consumers trade in the hidden fees and poor customer service of larger banks for a bank that is going to be invested in them. Here are a few of the benefits you can get out of banking with a community bank:
What You Put in Is What You Get Out
Community banks thrive off of local business, depending upon the community to sustain their business by using funds that are put into the bank to enable loans to other members of the community. These are not large corporate banks that spread your money out across multiple channels and do not directly impact your community. With a community bank, you are essentially investing in a bank that is invested in you and those around you as well. Business and home loans for others all come from the money you deposit into your community bank. Your money could be the reason for the success of your neighbors, family, and businesses.
More Savings for You with Fewer Fees and Rates
Big banks are quickly becoming more and more intimidating to consumers because of hidden fees, high-interest rates on loans and credit cards, and a general lack of emphasis on customer service. With community banks, fees are typically non-existent unless in the form of overdraft charges or other disciplinary fees. Also, these banks are dependent upon your happiness and continued service. This is why they put more emphasis on customer service and customer experience within their bank, as well as online. Unlike with larger banks, most small banks do not charge their customers fees for contacting the support staff online.
Not all community banks are going to be able to offer their consumers the same rewards as some of the largest banks, but it is their commitment to the people that makes them stand out.
More Leniency
Community banks are considerably more lenient than large banks, reviewing the situation of the person applying for a loan of any kind, before making a final decision regarding loan approval and award amount. With large banks, their only concern is on credit history and job security to ensure payments on loans are made on-time, should they decide to approve you. Having a smaller bank that is focused on your needs as opposed to their own, just further strengthens the bond between a community bank and a consumer.
If you are in Knoxville, consider going with a bank that is invested in you and the management and growth of your money. Pick a community bank in Knoxville that understands your needs and reap the rewards for directly building your community and the lives of others in your city.
