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Shop Local? Here's Why You Should Bank Local Too

By Vast Bank on 03.10.2020

Where you bank matters more than you might think. When you choose a local bank in Tulsa, you choose to invest in your community. It means supporting local charities and small businesses that help people and the local economy thrive. Banking local means more cool stuff to enjoy right where you live.

When you choose a bank, it’s important to find the products, services, and rates that meet your needs. It’s also important to consider the personal benefits of banking local and what kinds of opportunities you can bring to your own community.

Banking local can bring you, and your community, a wealth of benefits. Here are just a few to consider:

How Banking Local Benefits You

1) Competitive fees and rates

Big bank advertising suggests they have the upper-hand when it comes to choice, but that simply isn’t true. Most local banks offer the same services and products as their competitors, including online and mobile banking. Local banks tend to offer more free accounts and charge fewer fees. According to Money-Rates.com, 43 percent of small banks’ checking accounts had no monthly maintenance fees compared to only 25 percent at large banks.

2) Personal service

Local banks typically provide more personal service than big banks. It’s not uncommon to work with the same person over time, which helps to build trust and a deep understanding of your goals and needs. Imagine having a banking bestie who proactively knows the exact types of banking products that fits in your financial picture.

3) Local decision-making

When it comes to offering loans, local banks tend to look at the whole picture, not just a credit score on an application. Face-to-face relationships with customers inform the decision-making process. Local banks tend to look at personal qualifications and character rather than just the numbers.

4) Local knowledge

Do you own a small business? It may come as no surprise that it can often be difficult securing financing. At local banks, loan approval and other key decisions are generally made locally by people who live in your community and understand local needs. Because of this knowledge, local banks are often able to approve small business and other loans that big banks would belittle or dismiss. For example, big banks might be unwilling to fund your local business, investment property, or agriculture loan, but local banks are well accustomed to evaluating loans in your area.

How Banking Local Benefits Your Community

The primary purpose of almost all local banks is to turn deposits into loans and other productive investments. Big banks are not always closely involved in the places where they operate. Often times these large institutions use a community’s deposits to make investments in other regions or on Wall Street, providing little economic or social value for your local community.

While you should ultimately select the bank that can meet your financial needs, you may feel a sense of satisfaction when working with a local institution. Local banks are part of the local economy, and they often give back. It’s not surprising to see a local institution’s logo at charity races and other events, signaling that they contributed money or other resources to help make the event a reality.

Banking local means that you choose to:

  • Puts your money to work to grow your local economy
  • Back institutions that share a commitment to your community
  • Contribute to productive investment, not Wall Street gambling through speculative trading
  • Support local charities and non-profit organizations that care for the needs of your community

When you choose a local bank, you’re making a financial decision that can positively impact your financial goals and your local economy. Lower fees, better service, free accounts, and local decision-making benefits your bottom line. Productive local investment and a commitment to your community is what local banks do best. 

Take the Next Step 

Ready to start banking local? We thought so. For over 35 years, Vast Bank, N.A. has been a locally-owned financial institution based in Tulsa, Oklahoma and has built its reputation on personal service, flexibility, and integrity. We've recently introduced the first ever Tulsa Flag debit card. Available with any of our best-in-class checking accounts. With only $100 to open, you could be swiping with Tulsa pride. Get one today. 

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References:

  1. Why You Should Bank Locally. Retrieved from: https://www.bankbound.com/blog/why-bank-locally
  2. Justin Prtichard (September 2019). Benefits of Local Banks vs. Big Banks. Retrieved from: https://www.thebalance.com/benefits-of-local-banks-vs-big-banks-4177411
  3. Stacy Mitchell (June 2010). Top 5 Reasons to Choose a Community Bank or Credit Union. Retrieved from: https://ilsr.org/top-5-reasons-choose-community-bank-or-credit-union/

 

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This information and recommendations contained herein is compiled from sources deemed reliable, but is not represented to be accurate or complete. In providing this information, neither Vast Bank, N.A. nor its affiliates are acting as your agent or is offering any tax, accounting, or legal advice.

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