You are spoilt for choices in matters involving banking. Various institutions offer quality money management services, from credit unions to large national chain banks. Although the big banks faced some negative press, the advantages they delivered are too significant to ignore.
It would be wiser to bank with big institutions because some of the amenities offered are not available in smaller financial institutions. Banking with big banks means you enjoy vast ATM networks, comprehensive business benefits, and simple transactions abroad. Here is why you should consider big banks for your banking needs.
Are There Advantages to Using Big Banks?
Personalized Services
It is common to assume you’ll only get more personalized services from small banks. However, established banking institutions also offer a more intimate and personalized customer service by employing locals.
The big banks can deliver a hometown community client experience by hiring locals. You may find yourself going to the same church as the bank’s manager, creating an even stronger relationship.
Well-Distributed ATM Network
Nothing is as irritating as having money in your bank account, but you cannot withdraw because of no ATM. Big banks have a vast network of ATMs and bank branches to help facilitate all money transactions effortlessly. The ATMs are in the banks and other popular retail locations for easier accessibility.
Established banks also have low transaction fees, making them an ideal option for individuals who use ATMs frequently. Their website shows Citibank has around 65,000 ATMs strategically positioned globally for their clients. This ATM network guarantees flexibility in your banking functions, allowing you to travel to different locations worry-free.
Simplified Abroad Banking
Banking with big banks is easier and cheaper than making transactions abroad. You can save money since these banks have ATMs or partner with independent ATM retailers to facilitate transactions abroad.
Banks like Citibank allow free withdrawals to customers in over 20 countries at a dedicated ATM or MoneyPass ATMs. Seeking professional advice from banking experts like Brad Kern will help you make the correct banking and money management decisions.
Commercial Business Benefits
Not every business finds its banking needs in small banks. Some prefer big banks since they can offer substantial financial aid with the most competitive interest rates. These banks provide business loans and waivers to help facilitate daily processes.
How To Choose the Right Bank
Finding the right bank is not easy, especially with the high number of institutions in the industry. It all boils down to your banking needs and which option provides you with the best opportunity to achieve your objectives. Here are some elements to consider before settling on a banking institution:
- Credit checks, since large banks are stricter with the businesses they work with
- Convenient location and bank size
- Your business needs and the services expected
- The perks the bank offers
The convenience and reliability guaranteed by using big banks are why most individuals prefer them over smaller financial institutions. You get various services and more access to ATMs without compromised customer service. In the end, your banking goals and needs determine your banking partner.
