When you’re looking for a bank, there’s no lack of choices. From online banks to corporate banks to local banks, it can be a challenge to choose the right one. Community banks in South Carolina offer residents a wide array of benefits. What sets them apart? Are they a better choice than national banks? Here’s a look at different types of banks and the top five reasons why community banks can serve you better.
Types of Banks
It’s easy to assume that one bank is the same as another. After all, they tend to offer similar products, right? There a few different types of banks, though, and it’s important to be familiar with the differences between them so you can make an informed decision about your personal banking.
National banks are the ones that you see on just about every corner. On the plus side, they have a broad reach, it’s easy to find an ATM, and they have a wide range of products. There are downsides to their size, though, including the possibility of scandals and a lack of personal attention.
Online banks are banks that are, well, exclusively online. The idea of an online bank might sound appealing to a busy person on the go, but if you have a question or a problem, where do you go? Online. Or you can make a phone call and hope for the best.
Community banks are small- to medium-sized banks that are based in your community. They typically have branches you can visit, but they also offer conveniences such as online banking and mobile apps. You have modern technology combined with local, personalized service where you’re more than just a number.
The Top 5 Reasons Community Banks Can Serve You Best
Community banks incorporate the best features of online and national banks and combine it with a personal touch. Here are the top five reasons community banks can serve you best:
#1. They have surprisingly low fees
You might expect bigger banks to have lower fees, but that’s not the case. A MoneyRate.com survey found that small and medium-sized banks charge far less for fees ($11.50 compared to $15.15). If there’s an issue or a problem that caused a fee, you’ll also have an easier time making your case to a community bank, as they know you personally and care about keeping you as a customer.
#2. Personalized service
Bigger banks tend to focus on getting bigger. Community banks are better positioned to provide you with personalized service. They know who you are, they care about the community, and they want you to be financially successful. If you have a concern or simply want financial advice, they’ll be there, and unlike bigger chain banks, you’ll often work with the same people over time, building a trusted relationship.
#3. You’re supporting your community
Community banks are far more likely to support local small businesses, which keeps your local economy growing. According to the Institute for Local Self-Reliance, the largest 20 banks only devote 18 percent of their commercial portfolios to small businesses.
#4 They offer lending flexibility
At a larger institution, if you need a loan, they may look at the numbers and very little else. If you need a small business loan, it can be tough to get. A community bank is more likely to take your entire situation into account and listen to your case. Although nothing is guaranteed, a community bank will at least give you a fair opportunity at securing a loan.
#5. They are part of the community
Community banks are a vital part of the community. They care about the success of small business and helping people meet their home ownership goals because they want their local community to thrive. They know the local landscape and support local activities. Your success is their success.
Your Community Bank
At Arthur State Bank, we take enormous pride in being one of the premier community banks in South Carolina. We offer the benefits of a community bank, including personalized service, with a modern touch. You can bank how you want, when you want, and we’ll be there every step of the way, just like we’ve been doing since 1933. Contact us today to find out what we have to offer.