Choosing a financial institution for your personal and/or business banking needs is an important decision. You work hard for your money and want to keep it safe. You want the convenience to bank on your terms, but also need to know you are working with a partner and a lender you can trust to keep your best interest in mind. While some people choose big banks, the truth is that there are a multitude of benefits that can come from banking with a local bank. Bank local and enjoy these great benefits!
Lower Fees & Competitive Rates
Contrary to popular belief that larger institutions’ size allows them to offer better terms on savings and lending products, research shows that smaller institutions can turn out to be a better deal for customers. Smaller institutions can have lower overhead costs and, by prioritizing their customers rather than corporate profits, are able to pass cost efficiencies on through better product rates. They also offer all of the same products and services you would expect from a larger bank.
Supporting Local Growth
In the words of one of New England’s most famous natives, “A rising tide lifts all boats”. When you work with local banks, you are working with an organization that has a vested interest in the economic development and growth of the community that you live and work in. Local banks are invested in local businesses and local growth, which makes for a mutually beneficial relationship.
When you are trusting your finances with a bank, it’s nice to know they will pick up the phone for you. With big banks, your requests, questions and issues can get lost and stay unresolved. Days pass, and you’re still left in the dark about the status of your request. Local banks take your requests seriously, and the same people you see and speak with are the ones who handle them. Local banks will also take the time to walk you through the lending process and answer your questions to ensure you are comfortable with and knowledgeable about your financial decisions.
Local Knowledge & Community Involvement
A local bank will have knowledge about the community, local economy and local happenings. This may not seem like something you’re searching for when making a decision on a financial institution, but local knowledge can be extremely helpful when applying for a Mortgage or business lending. Additionally, local banks often have strong community involvement and give back to the communities they operate in, which makes you feel good about banking with a local institution.
If you are ready to experience the local bank difference and see what it feels like to bank with an institution that puts you first, it is time to visit Mechanics Cooperative Bank. With over 100 years of experience working with everyday people and small businesses to grow communities, we value each customer as a human being and treat each one with the respect and attention they deserve. Stop by a branch today or visit our website to learn more!