Finance Globe

U.S. financial and economic topics from several finance writers.
2 minutes reading time (327 words)

Is your Local Bank the Right One for you?

Choosing a local bank is a big decision. While some people stick with the institution they have relied on for many years, others are open to making a change if it makes sense to do so.

Do you have the feeling that your current bank could improve in some areas? If so, now may be the time to consider all your options. You don’t want to jump the gun just yet, but if you find another bank that has more to offer there is nothing wrong with making the switch.

Here are three reasons why you may want to jump ship in the near future, giving your business to another bank:

1. Better service. There used to be a day and age when most local banks provided top of the line customer service. Unfortunately, this has changed to a certain degree, with some financial institutions dropping the ball.

If your current bank does not care about you as a customer, why should you care to do business with them into the future?

2. More products. There is nothing wrong with a bank that offers nothing more than a place to keep your money. However, some are interested in additional products, such as credit cards, car loans, home equity loans and lines of credit, and mortgages.

When you combine local service with the ability to take advantage of multiple products, you have a bank that can meet all your borrowing and saving needs.

3. Better rates. There are two ways this works in your advantage:
  • Better rates on savings and money market accounts, meaning a greater return on your money
  • Lower rates on loans, such as car and home, as well as credit cards

It can be a challenge to walk away from the local bank you have done business with for so many years, but this may be something that benefits you in more ways than one. Are you ready to make a change for the better?
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Wednesday, 16 October 2019

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