There are countless banks and financial institutions vying for your business every day. But how do you determine which type of bank is the best fit for your needs and goals?
To make the process of choosing a bank a little easier, we’ll walk through the differences between three of the most common players: Large banks, community banks and credit unions.
Large banks are national banks with a vast presence around the country (and sometimes around the world). Large banks usually offer a variety of products and services, which can be ideal for the customer who knows exactly what they need. Frequent travelers may also find that large banks have a larger ATM network than smaller banks. On the other hand, large banks offer less personalized customer service than smaller banks that are rooted in the community.
Community banks are locally owned and operated banks. These institutions are quite literally invested in the local community by providing loans to neighborhood businesses and bolstering the local economy. For entrepreneurs and small business owners, community banks like WaterStone Bank rank highest in customer satisfaction compared to large banks and online lenders. For individuals, community banks offer a more personal and relationship-focused approach to banking than larger institutions.
Credit unions are not-for-profit financial cooperatives. MyCreditUnion.gov points out a few key differences between credit unions and banks, including the member-owned and cooperative structure of credit unions, which means members vote to elect a board of directors and can take out loans against each other members’ deposits. Credit unions provide many of the same services as banks but sometimes offer better interest rates on loans and lower fees.
Ultimately, each bank and credit union is a little bit different. It’s important to ask questions, compare your options and shop around before deciding which bank or credit union is right for you.
Want to learn more about personal or business banking with WaterStone Bank? Give us a call at 414.761.1000 (toll-free at 888.686.7272) or visit your nearest branch to learn more about how WaterStone Bank is committed to providing banking solutions to individuals and entrepreneurs while also supporting southeastern Wisconsin community.
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