Accounting

Benefits of Using a Local Bank

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It may seem as if online banking has become the norm and local brick-and-mortar banks are on the way out. However, there are benefits to having a local bank.

Similar Services

Local banks offer many of the same services as online banks. For example, most banks offer Free Checking Newark NJ, online banking, loans and low account minimums. You will typically have access to ATMS and have the ability to link your accounts together. In addition, many local banks even offer apps. However, in many cases, these services are less expensive than big or online banks.

Additional Services

Local banks offer additional services, such as advanced customer service, financial advice, retirement planning and high-yield accounts, as well as CDs. Business banking services are also offered at the local level. These banks also often offer Small Business Association guidance. Some banks even offer free classes on investments, wills and trusts, retirement planning and other related topics. They also offer physical currency exchanges.

Focused Banking

Local banks understand the local market and people. These individuals are typically highly trained and can help you with financial solutions that save you money or relieve your financial stress. Local banking professionals may look over your account for trends and challenges they may be able to help you with. For example, individuals who overdraw their accounts frequently, incurring high fees, may be offered overdraft protection. If you are paying on a lot of high-interest debt, these individuals may suggest that you apply for a debt consolidation loan with a much lower interest rate.

Grow the Local Economy

When you work with a local bank, your money stays within the local community. Local banks lend to local individuals and businesses. This encourages community growth and prosperity.

Did you know that small businesses are the lifeblood of the economy? Most small businesses use local banks to finance their business projects. In fact, more than 50% of all small business financing is done through local banks.

Local banks are committed to your community because their growth corresponds directly to the growth and prosperity of the local community.

Whether you are looking for a new bank or you seek additional banking services, consider working with a local bank.

 

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