submitted by Joseph J. Tryon, Jr., President, Hatboro Federal Savings
If you weren’t among the millions of Americans who ditched their big banks last month during national “Bank Transfer Day,” you still might be mulling over the thought of moving your money somewhere else. Here’s what you should expect from a community bank.
Interest Rates. According to Bankrate.com, community banks tend to offer better lending and savings rates than the bigger banks.
Family Focused. Megabanks generally cater to big business. Community banks focus on individuals and families in the communities they serve.
Customer Service. Since community banks are often smaller, with fewer customers, it’s only natural you’ll get more attention from people who actually know your name.
Lower Fees. We’ve all been reading lately about how the bigger banks have attempted to charge their customers fees to use their debit and ATM cards. Community banks in general have not been raising fees for debit and ATM card usage.
Free Checking. Most big banks have discontinued free checking accounts, and the ones that still have them are requiring much higher minimum balance requirements. Check the Web sites of community banks in your area and you still might find a few that actually offer totally free checking.
Free Nationwide ATMs. Many people are still hesitant to move their money from a big bank to a community bank citing fewer branches and ATMs. Yet, there are some ATM networks – Allpoint is one – that offer over 43,000 surcharge-free ATMs nationwide. If your bank is not part of an ATM network like Allpoint, you may pay a fee for transactions. So, find a community bank affiliated with Allpoint and you have no more excuses not to move your accounts elsewhere.
Better rates, free checking, no tacky fees and great customer service. Is this what you’re getting from your bank? If not, move your money to a community bank.