Block Standard Network

There’s been a trend recently with people moving their money or getting loans from big national banks to local banks. People have been bypassing Bank Of America, Wells Fargo, and TD Bank and been going to their local bank on Main Street in Anytown, USA.  I’ve been looking into this trend and I’m thinking that there are a lot of benefits.  I’m not knocking the national banks; they can do a lot of good, but sometimes, they overlook the “little guy.”  Local banks may be more flexible while corporate branches have to go by the rules.  At a local bank, you can possibly get:

Character loans

Where large banks will only look at the numbers, local banks that know you and want to keep your business local may be more willing to forgo some credit flaws and give loans based on character.  A local bank manager that knows you or your grandmother may be willing to fork over cash.

Support For Your Local Community

It’s a global business world now, but make sure that you support your local community.  That is where you live and you do have a vested interest in seeing your community succeed.  Local banks are more likely to contribute to local causes, where large banks will contribute to national ones, or not at all.

If you’re trying to start a business, a local bank might be more willing to work with you because they know you’ll be putting that money back into the community that supports the bank.  It just makes good business sense to try to help local business, so you may have more leeway with loan terms.

As the saying goes, think globally, act locally.

Lower fees and Comparable Interest Rates

Local banks are feeling the crunch as much, if not more, than national banks because they don’t have a large corporate support system to lean on.  Some local banks have been offering 0% interest on transfers and even increasing interest rates to attract business.  Take advantage and strike while the iron is hot.

Customer Service

If you have trouble with your money, you usually have to call customer service who may or may not transfer you another department to have a supervisor who isn’t even associated with that department call you back a week later.  If you walk into one of the local branches of a national bank, you may get more of the “corporate policy” jargon and lot of red tape.

If you walk into a local bank, you can usually talk with the branch manager to get things straightened out.  There is more of a direct line to the top and you can get what you have to get done in a timely fashion, even if it isn’t exactly what you want to hear.

In Summary

If you’re trying to start a business or entrepreneurial venture, looking to transfer a credit card, or just a checking account, do forget to take a walk to you local bank after you’re finish being on hold with 1-800-WHO-ARE-U.  They may be able to lend a hand.

Feel free to comment.

TrueMan (http://manamongboys.com)