We love the saying, “Invest in Main Street, not Wall Street.” A lot has changed in the financial industry in the past few years, and it hasn’t been in the best direction. To us, keeping money in our community is just as important as spending it there too. The benefits of making a move to a small community bank or credit union are tremendous. are tremendous. For starters, you will get better rates and fewer fees. Your community banker will be able to provide you with more personal service. And you will be keeping money in your local community – increasing economic development that can lead to job creation. Yet the most important reason to move your money is to make your voice heard, to stand strong and no longer help a banking system that has run amok.
Why we bank locally: We bank locally with Union First Market because it allows our money to be spent in the community and kept in the community.
Top reason to bank locally:
Lending a hand to local businesses: Smaller banks do disproportionately more small business lending than the big banks. Small businesses, in turn, are the main engine of job growth, accounting for 65% of new jobs. Banking locally is a great way to support independent businesses and create more jobs in your hometown.
More reasons to bank locally:
- Community bank executive officers, including the President & CEO, are typically accessible to their customers. Megabank CEOs are headquartered in far-away office suites with little customer dealings.
- Community banks focus attention on the needs of local businesses. Conversely, many of the nation’s megabanks are structured to place a high priority on serving large corporations and investment banking activities on Wall Street.
- Community banks are strong supporters of local nonprofits both with their dollars and volunteer hours.
- Community banks channel most of their loans to their depositors’ neighborhoods, helping to keep local communities vibrant and growing. Megabanks may take deposits in one state and lend in others.
- Community bank executives and directors typically are deeply involved in local community affairs, while large-bank executives are likely to be detached physically and emotionally from the communities where their branches are located.
- Many community bankers are willing to consider character, family history and discretionary spending in making loans. Megabanks, on the other hand, often apply impersonal qualification criteria, such as credit scoring, to all loan decisions without regard to individual circumstances.
- Community bankers can offer nimble decision-making on business loans because decisions are made locally. Megabanks usually have limited loan decision-making authority at the local level.
- Community bank boards of directors are local businesspeople, leaders and your neighbors who often played a role in starting the bank. It’s unlikely that big bank corporate board members live, work or operate businesses in your neighborhood.
Learn more at iBankLocal.org