Why Bank Locally?
Oct 31, 2012 03:16PM
By Brian O
Choosing A Local Financial Institution Can Save You Time . . . And Money.
You’ve finally reached the point where you’re ready to switch your bank. But which one do you choose?
In the Dallas-Fort Worth Metroplex, the choices are endless. It seems like there’s a bank or credit union on every street corner. “DFW is actually one of the most competitive areas in the nation, when it comes to financial services,” says Jim Minge, CEO of Texas Trust Credit Union. “That means consumers have a wide variety of choices of who to trust with their money.”
It might be tempting to choose a large national brand. The biggest banks in the country have many branches and ATMs, which provides a high level of convenience for people who regularly use these services.
But that might not be the best choice. “A local institution can offer great benefits that hold up, even against a large national brand,” Minge continues. “Many people find that it’s a better fit for them.”
Here are a few things to consider for local institutions:
Know Your Banker: The days of Jimmy Stewart working at a small savings and loan in “It’s A Wonderful Life” might seem like a lifetime ago. But you’d be surprised at how much of a personal touch you’ll find a local institution. “Small financial institutions tend to have managers, loan officers, and even presidents who live in the local community. They’re much more likely to be in tune with your needs,” Minge says.
For a local consumer, that means you’re more likely to speak to someone in charge of making your loan decisions. For a business owner, it gives you access to someone who’s in touch with the local market, which is invaluable when working with complex business loan apps.
Good Services: Many people think that credit unions or small banks only offer checking accounts and auto loans. That’s not true anymore. While some of the smallest institutions in the country still offer limited services, most offer a full range of account options, including mortgage, businesses services, insurance, and investment planning. In some cases, credit unions have formed cooperative enterprises called CUSOs, so that small institutions can offer these services in partnership with a larger brand.
The long story short: You’re likely to find the same range of services at a mid-sized financial institution as you would at a large bank.
Improving Technology: The technology around banking has changed quickly over the past decade. With the rise of internet banking, mobile apps, and new technologies like remote deposits, consumers can have an active banking relationship even if a branch is a fair distance away. “Technology has really leveled the playing field between large and small banks,” says Minge. “The traditional branch is still important, but it’s been improved with this rich variety of digital banking applications.”
So before you switch to a big national brand, consider a local credit union or bank. You’ll keep your money in your own community without sacrificing the service you expect.
This advertorial is provided by Texas Trust Credit Union, a local financial institution serving more than 54,000 members throughout Mansfield and beyond. To learn more about the culture and philosophy of Texas Trust, visit TexasTrustCU.org. To read customer reviews or to leave a customer review please visit their listing in our directory - Texas Trust Credit Union - Mansfield, TX