Is it better to use a big bank (Bank of America, Citi, etc) or a small local bank? Why?

Answer 1

I use a big bank for the convenience factor only. Being a former college student it's much easier to do a "money transfer". Say you belong to B of A. If you need quick cash from the folks, they deposit at the branch back home and voila suddenly you can just pull it out of your branch in the college town.

But if you are in to personal service, go small town. One of local banks - River City Bank - goes the extra mile for their clients. On Mother's Day they give out chocolate covered strawberries to their clients/visitors. And other promos through out the year. The tellers recognize you and they don't consider any problem too small for their attention. They don't charge fees to use their ATMs and they aren't the type to lock you out of the building if it's 5pm on the nose.

Answer 2

I guess its better to go with a big brand name bank like Chase or Bank of America because they have locations all over the place and then you can have the same banking procedure as you would at the Chase near your house. If you go to the small local bank, then you are pretty much constrained to that location and there's hardly room for flexibility.

Answer 3

I think it is good to have both. A small bank is convenient and everybody knows you. You will feel more at home at a small bank. A big bank is good in case you travel and need to have your bank around. Also if another Hurricane Katrina hit, you will have access to your money at a big bank that has branches all over states, with a small local bank you would lose your money and bank records would be lost or screwed up.

Answer 4

if you travel alott you need to go with someone national. i have both a credit union account and one with a local bank, i've been with the big guys too though and i always get better customer service with the local guys and the credit union. I do keep a small account with bank of america as well but thats just for when i travel so if i need to go to a branch I can. the few occasions I have had problems they have been HORABLE though... look online at all the benifits on all the banks in your area then ckeck out www.ripoffreport.com and the BBB before making decisions

Answer 5

The smaller the bank the better. In a small bank you are a worth while customer. In a big bank you are a nuisance, causing them to have to get up every morning.

Answer 6

it depends on the services you are looking for...the larger banks may offer better perks for putting your money there such as greater access to ATMs, free billpay, online banking, interest checking (free toasters a while back :) among other things. Local banks may offer more promotions (for example a higher rate CD), and may have a greater presence in your area if you don't live in a certain area (for example Bank of America has very few, if any, branches in Ohio) so I'd have to say both offer benefits that vary in importance based on the person.

Answer 7

It really depends on your needs. I would check out both and look for the best deal that best meets your needs. Be realistic. We bank at a larger bank but it's because it offers us the best deal and meets our needs. The smaller banks were not convenient enough for the traveling we do.

Answer 8

Big banks are not interested in small financial deals. It is better to start with small banks.For survival purposes, it is better to be a big fish in a small river than to be a small fish in an ocean.

Answer 9

Go with a credit union.

CU's generally offer better interest rates (both savings and loan rates). They also have lower or no fees for most services.

Answer 10

Any financial enterprise would be expert so they might get your money. Any financial enterprise is a sturdy financial enterprise as long as you keep music of your money and your spending. human beings would desire to comprehend that they might desire to take duty for his or her spending movements and end blaming a financial enterprise for the overdraft costs they get reason they might't administration their spending.