Four Reasons Why Sticking With The Big Banks Might Be Better For You
Many of the big banks have come under bad light recently. Some of their policies have not gone down well with customers and hence, a good bunch of people is switching their loyalties to small banks as well as credit unions. According to the National Association of Federal Credit Unions, approximately 64% of the members gave a positive response to the online survey conducted by the association. Dissatisfaction with the big banks has been found to be the prime reason why they have decided to switch. Aside from that, sub-par customer service and a hike in debit card fees have added fuel to the fire. The credit unions now boast of 40,000 new members and a whopping $80 million in the savings accounts that have been recently opened. Well, you might want to go against the flow and stick with the big banks. Here are four reasons why:
Small Banks Don’t Always Deliver Personalized Services
Small banks have spread the fact that they furnish devoted services to their customers. However, that’s not always the truth. Irrespective of their size, big banks as well as regional banks have the ability to deliver top-notch customer service. As far as furnishing client services to communities are concerned, people from a particular community is picked up by these big banks and offered employment. The teller at your big banks can pretty well have kids who can be constant companions to your children on the playground or they might themselves head to the same church with you. In simple words, there is simply no need to assume that small banks offer you a better personal service than a big bank.
Big Banks Boast Of A Vast ATM Network
When you are paying a visit to the ATM of your own bank, you don’t need to cough up any kind of a fee for withdrawing money. The big banks do have a large network of ATMs and they have branches all over the place. You will find your bank’s ATMs at convenience stores, grocery stores, and mass merchandisers, too. For instance, the Bank of America boasts of 18,000 ATMs while CitiBank leads the pack with 29,000 ATMs. If you need access to ATMs on a regular basis, having a checking account makes it easier for you if you want to steer clear of ATM fees. Hence, sticking to a big bank with a vast presence in your locality can obviously turn out to be a better choice.
Big Banks Make Banking Abroad Smoother
In case you travel abroad on a regular basis or intend to go on a vacation overseas, having an account in a big bank can reap dividends. A lot of big banks have maintained a cordial relationship with ATM retailers and hence, their clients can make use of the ATM machine without incurring any fee. The customers of the Bank of America can easily use their cards at the banks which are included in the Global Corporate Alliance without a hassle. For your information, the Global Corporate Alliance includes banks like BNP Paribas, Deutsche Bank, Barclay’s, Scotiabank, Westpac, and others. However, Chase and Wells Fargo customers have to shell out a fee of $5 when they use the ATM while traveling outside the United States.
Big Banks Are More Preferrable When It Comes To Business Banking
According to several business customers, dealing with bigger banks is better than dealing with smaller banks. Many entrepreneurs are of the opinion that their companies have experienced growth by working with big banks. Facts reveal that even during times of financial crisis, the Bank of America has brought in more flexibility in order to make its corporate customers happy and has furnished valuable suggestions to help the entrepreneurs get their businesses back on track. So, the fact remains that no small bank can emulate what the Bank of America has actually done for various business establishments.
Contrary to popular perception, big banks aren’t that bad as they are pictured to be. In comparison to the credit unions and the smaller banks, the biggies are any day a better option if you consider every parameter. Every individual has his or her own set of banking requirements. So, before joining hands with a bank, you should properly evaluate the merits as well as the loopholes of a bank then choose the best among them.
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