2018.04.23 17:32 | Sean Carter
Welcome to this blog where we will discuss all things banking. For the purposes of this first blog post, we will talk about the type of banks you can bank with. Whether you're looking for a bank to do your personal banking with or you're an entrepreneur looking for a lender that can offer you the best rates for an SBA small business loan, you will need to put in careful consideration and time to make sure you are choosing the right kind of bank.
WHAT KIND OF BANKS CAN I CHOOSE FROM?
National Commercial Bank: Branches of these big banks can be found in most ports of the country, so the convenience is there. They also have every product and service imaginable. If you are in need of a Philadelphia mortgage, for example, all you need to do go to a Philadelphia branch and apply. However, at the same time, you might not receive the best rate on that mortgage as rates tend to be lower than at small banks.
Regional/Local Bank: Local banks are community banks that are catered to the area they are located, which means they may be more business-friendly than national banks. Most will offer many of the same products and services as the big banks, but this will depend on the size of the bank. If the bank does not belong to a national ATM network, you may have to pay more in fees as well. But, in many cases, people find that local banks are more likely to waive those fees.
Credit Union: A credit union is a not-for-profit financial institution where you need to "qualify" in order to become a member. Various unions, towns, and organizations offer membership, and it actually tends to be easier to qualify than you might think. Credit unions tend to offer good rates as profits are passed to the members, but services may not be as many as you would find in a larger financial institution.
Online Bank: Online banks are becoming more popular as they tend to offer the best rates on banking products and services. If you don't need a physical bank presence and are savvy on the internet, an online bank account may make a lot of sense. However, keep in mind that these banks right now typically target customers looking for checking and financial accounts. If you need a bank that does more than that, you may need to choose another bank.