Local Bank?

This topic contains 4 replies, has 4 voices, and was last updated by  Colleen bail 3 months ago.

  • Post
    Colleen bail
    Participant

    We have always used Wells Fargo, but as a small business owner, using a monster bank like them, I tend to feel like a hypocrite not going with our local banks. I mean all the time I’m telling everyone to buy small yet I’m not doing the same. Does anyone else feel the same way?

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  • Replies
    Mel Garapolis
    Participant

    I think it’s fine. When it comes to supporting local businesses, there’s still plenty to choose from. Local pharmacies, restaurants, auto parts stores, even grocery stores and growers. But when it comes to you bank, having a low cost national or even international bank is never a bad idea. You need to be able to move money around. In other words, it’s never a bad idea to go with the larger companies when it’s to your benefit in such a pronounced way.

    That being said, I’ve heard stories of small businesses getting pretty decent perks from the smaller banks and credit unions if they keep a decent balance or move enough money. I’m with a big bank myself, but I know of people who have had decent perks at the smaller banks.

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    Julia Merrace 
    Participant

    Local banks sometimes have better rates.

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    J. Klien
    Participant

    You can sometimes get nice perks from local banks… I’ve heard of people getting tickets to games, junkets and other stuff from local banks that want to woo customers with business. You definitely can’t get that kind of special stuff from a big bank. Something to think about if you’re moving a 6 figures or more per month.

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    Colleen bail
    Participant

    I will look into my local banks and see what perks they may have. Thanks guys!

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