Community Banks vs. Larger Banks?
I have a bit of a problem. I currently work for a bank and I love my job but I kind of want to move my money so that I can keep prying eyes away from what myself and my soon to be wife make. Now here is my problem. I have been looking at going to a big bank like Wells Fargo or Bank of America but I have also been looking at going to a smaller bank like United Community Bank or Community and Southern. I am about to purchase my first house and would like some tips or suggestions so that next year I can think about moving my money.
- 9 years agoFavorite Answer
Community banks will give you the home town feel that the big banks will not. Other than some technologies and unfortunately the possibility of merger or bank failure (especially in this economy) the smaller the bank the better the service. With a big bank you will only be a number and you will not get the level of customer service that you can expect at a local bank.Source(s): Banker for 14 years and refuse to be just a number!
- Anonymous4 years ago
credit Unions are actually not for earnings, which means all the money they make is going lower back into the operations of the credit Union. This regularly means which you will earn greater effective costs of interest, pay much less costs, etc. Banks are for earnings establishments and money they make is going to their shareholders. that's a private determination to financial company with whom you believe the main. many cases, banks supply a greater style of centers than smaller community credit unions, have greater branches and ATMs, etc. on the different hand, in the experience that your community has a great credit union, it could probably be on your benefit to financial company with them.