TruCommunity Blog

Why Banking with Community Banks is Better!

Banking has transformed dramatically over the years with the advancement of technology. Today, you can access your accounts 24/7 with your preferred electronic device. In fact, the FDIC cites that nearly half of all banked households use mobile banking as their primary method to access their accounts. So how do you choose the right bank?

Most banks fall into three buckets – online banks, national bank, or community banks. Comparing them in the areas of digital convenience, competitive rates, personalized service, security and trust, and community focus can show you which one stands out the best.

Digital Convenience

• National banks have the largest technology budgets to create customized platforms and apps. But that can feel overwhelming and leave you feeling more like a number than a valued customer.

• Online banks typically strive to keep things simple with easy-to-use apps. But they often lack the ability to talk with a real person when you need help.

• Community banks believe in finding the right balance between technology, service, and product offerings. Community banks, like TruBank, have the same essential digital tools you need but they have the employees ready to answer your call or talk with you in-person when issues arise.

Competitive Rates and Low Fees

• National banks often have competitive market rates on deposits and loans. They also tend to have more fees, like monthly maintenance fees or overdraft charges. While they might waive a portion of fees based on your relationship with them, it can feel like they are nickel-and-diming you and trying to place you in their defined customer boxes.

• Online banks don’t have the overhead expense of physical bank branches so they appear to have the best rates but remember that it can be extremely difficult to get personalized help when needed.

• Community banks strive to give you the best of both worlds. Everyone’s financial needs are different, and customized options are created for you as community bank employees are living right next to you to know what is happening.

Personalized Service and Advice

• National banks have many resources, like online tools, financial advisors, and educational materials which can be helpful. But they also have millions of customers, so it can be hard to stand out, and relationship-building can be difficult as someone new is always picking up the phone.

• Online Banks are great at making things easy. They have tools to help you budget and save. But sometimes you just want to talk to a real person which can be tricky with an online bank.

• Community Banks are community focused and all about relationships. They know customers by name, are responsive and make themselves available to answer your questions and offer personalized service.

Security and Trust

• National banks have big security teams and sophisticated customized security systems. While that is positive, it may be hard to get someone on the phone if you have a problem.

• Online banks are all about technology and focused on keeping your information secure online. However, without local branches, building trust and knowing who you are really dealing with could be challenging.

• Local banks take security seriously, too. Community banks, including TruBank, use the latest technology to protect your accounts and continually work to stay ahead of cybercriminals. They believe that real security comes from knowing and trusting the people with whom you are banking and will go the extra mile if needed to protect your money.

Community-Focused

• National banks are huge corporations. They might have branches in your town but their commitment to the local community can vary. They are great for the super large events but you often don’t see them supporting the local youth sports team or local music group.

• Online banks are convenient, but they’re located online. They don’t have a physical presence in your community, so they can’t really understand its unique needs or contribute to its growth. They are often headquartered in major cities far from where you live and work.

• Local bankers are not just bankers. They are your neighbors, living and working in the same community, enthusiastic about helping it grow. TruBank has supported more than 125 different local organizations and events over the years. When you bank with TruBank, we believe in supporting you in anyway we can.

The Community Bank Difference

Banking with a community focused bank is about more than just finances – it is about being part of something bigger and making a tangible difference in the place you call home. Ultimately, choosing the right bank is about finding one that understands your needs and values. Don’t hassle with multiple bank accounts with those other banks – keep it simple with everything at your local community bank. You will receive individualized attention every time. As TruBank grows with every dollar and every account, we can invest even more back to our customers, local businesses, and local communities.