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The following article was published in our article directory on January 12, 2016.
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Choosing A Bank That's Right For You

Article Category: Advice

Author Name: Troy Benton

Choosing A Bank That's Right For You
Most people don't shop for their banks or financial needs, yet it is one of the most important facets of their lives. And there are better choices for different types of people and their lifestyles. Everyone should have parents who teach them about these choices, but unfortunately most parents don't know enough to teach their children - it doesn't even enter their minds. So let's see some of the choices and understand a little about each one.

First of all with BANKS, there are 3 distinct choices: major banks, local community banks, and credit unions. All three have different advantages, and only in understanding these differences can you make a wise choice for your own life.

Community Banks versus Big Banks
With mergers and advertising over the past several years that's fueling growth, the big banks are growing bigger and offering more rewards and more hi-tech tools than ever before. High technological companies cater to innovative bank developments, and only big banks can pay for instant high-tech apps and tools. In recent years, Wall Street firms have allowed big banks a wide range of financial services they never had before. On the other hand, community banks don't have as many resources but still offer more friendly services and lower fees. Yet market share is drifting toward the big banks and away from smaller ones. The assets of the combined top 10 banks in the USA now are over $9 Trillion - one cannot even put that into perspective easily.

On the other hand, some local community banks have gone out of business in the past years. Cities like Nashville seems to be the exception as related to community banks. Challenging times have hit most areas of the USA in the recent real estate boom and bust scams. But some cities have weathered these times, especially regarding the real estate market that caused many cities in the USA to hit hard times. Failure of community banks hit 157 in 2010, 92 in 2011, 51 in 2012, and then it actually slowed a lot after that. Again, this mostly goes back to the financial crisis with a focus on real estate, and that is why community banks in Nashville and other growth cities escaped pretty much ... some cities continued great population growth, solid financial and job growth, and are still rated as one of top cities in the USA for economic outlook. But in any case, it still is wise to weigh the differences in big banks versus community banks, all of whom want your business. You can find a great comparison here.

Yet Don't Forget About Credit Unions!
Credit Unions are all about service and lower banking fees, and they offer a lot!
It's funny-odd that a recent survey of consumers showed that bankers were less popular than politicians! But that did not extend to credit unions, and more and more consumers are beginning to realize that they don't need to depend on big banks as their main financial cornerstone in their lives. There are over 8,000 credit unions today with more than 90 millions members in the USA. And it is strongly recommended for you to research the reasons for and against using a credit union. Below here are some suggestions for you to consider:
The Top 10 Reasons to Choose a Credit Union Over a Bank
10. Members of the credit unions own it, not stockholders who are looking for profits. Credit unions are not-for-profit institutions, and their motive is not profit, but to help and aid their members in their financial affairs.
9. People in the local community manage the credit unions. The credit union is interested in serving the local community and gets involved with local causes that help the community. The entire industry has a "Credit Unions for Kids" program where funds raised by local credit unions go to local hospitals, and $millions have been generated for children's hospitals.
8. Big banks pay for expensive national advertising to gain market share, and they create budgets for huge executive compensation. Compare this to credit unions that are given back to their members who are owners of the credit union in the form of great products and services as well as lower fees.
7. If you like a personal, less complex manner in handling your personal finances, you will like credit unions. Credit unions have local management people, have streamlined their loan procedures, and created a better chance for securing loans, both personal and small business. Their management gets to know their members on a local personal way.
6. The most popular financial services are available through credit unions. The growth of credit unions continues is a testament to their successful services with more than 10% of the USA household savings.
5. Accounts in credit unions are insured by the National Credit Union Share Insurance Fund similar to big banks. Many credit unions have free checking, and interest rates are lower for loans as well as on credit cards compared to big bank rates and fees.
4. Credit unions members have access to the USA's largest network of ATM's with over 28,000 locations without surcharge fees. There are also over 4,000 shared credit union service centers for members.
3. There is nothing to lose when dealing with a credit union, such as they all have the latest high tech financial apps like mobile banking and others for access and convenience.
2. Surveys about credit unions has discovered that they are the most trusted part of the financial industry, and customer satisfaction has rated higher than big banks for more than 20 years in a row. Wow!
Drum roll please .*.*.*.*.*.*.*.*.*. if all of the above was not enough, the #1 reason is:
1. Membership at most credit unions is actually open to almost anyone who want to join, plus the benefits start the minute you join! Credit unions outperform big banks, and the membership has grown each year. Members of credit unions nationwide have saved billions of dollars each year. Combine all of the above with the personal friendliness of the neighborhood credit union, it's difficult to beat anywhere else.

CONCLUSION:
It's up to you to do the research, compare the benefits, and find out what is best for your lifestyle. Your choice about financial institutions in your life WILL greatly affect you, and making the right choice will benefit your life a lot. Take the time, and when it's your turn, teach your children what your parents never could teach you!

Keywords: choosing the right bank, banks versus credit unions, big banks and community banks

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