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Local banking advantages?

Old 12-31-2013, 09:31 PM
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Default Local banking advantages?

I've done a couple craigslist deals lately where the buyer was "going to the bank to get the cash before they closed". Both were deals under $500. I haven't stepped into a bank to withdrawal <$1k cash in years. Our primary checking account is through a non-local bank because they offer the best overall rate. Our secondary checking is through a local bank because they offer 2.85% on a restricted balance. Both offer ATM reimbursement at select (but abundant) locations. I don't see any financial benefit to banking local, yet some seem to do so. Are there advantages that I'm not aware of for local banking?
Old 01-01-2014, 12:33 AM
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Well, I bank with a "local" credit union that is three states away. Been doing business with them for almost thirty years, and get the services that come with that long term relationship. I don't have to "press three for . . .. I call Joan, and get immediate service that usually goes above and beyond. In reality, most things I do online. They match, or usually beat any rates I can get elsewhere. So I see no need to change.
I think most people who choose to bank "local" may be doing it for that reason.
Old 01-01-2014, 04:31 AM
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I am a "locally owned business" and I bank with a locally owned bank

If I need something I pick up the phone and call and it is taken care of
Old 01-01-2014, 09:48 AM
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I do both. I have several accounts with BAC. I also have one with a local bank, and get all of my mortgages through them, they are a lender, not a broker, meaning they do their own underwriting.

To be fair, the customer service I get from BAC is outstanding, but I did a lot of business with them before I got to that point. I have two direct lines to corporate bankers that make things happen instantaneously. But certain things they just cannot do.

Local banks don't have the red tape that big banks do. They can do things based on your relationship, not your stats. Small local well run banks Were not affected by the mortgage crisis, because they didn't change gears and get greedy. They just kept making good loans and collecting. They make money off long term relationships, not fees.

Important caveat- there are plenty of poorly run local banks too. They certainly aren't all good.
Old 01-01-2014, 09:56 AM
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Originally Posted by Double tyme View Post

Important caveat- there are plenty of poorly run local banks too. They certainly aren't all good.

I agree
Old 01-01-2014, 10:54 AM
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Originally Posted by tprice View Post
I am a "locally owned business" and I bank with a locally owned bank

If I need something I pick up the phone and call and it is taken care of

This. ^^

Plus I have never used an ATM. I just cash a check every so often.
Old 01-01-2014, 11:03 AM
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When I built a little office complex I went to my bank which at the time was first union. I was treated like a stranger and they had a few loans they offered and seemed they really didn't give a shit about financing the loan. Went to a local bank and it was a different story. I was acting like the contractor and they financed it without issues. I switched over all my accounts and have never looked back. I can actually go in and get a loan on the spot and not have to call the 800 number to beg them for a loan. They also have a strong ATM network with Rite Aid. If you don't mind being just a number stay with the big bank.
Old 01-01-2014, 11:27 AM
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F' ANY bank! Switched to credit unions a decade ago - very happy and cheaper.' Banks are greedy self serving worthless careless POS IMO. Can ya tell I HATE them.

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