The Benefit to Banking Locally

The Benefit to Banking Locally

Does local matter? Should you even care? In a world of big business and banking that continues to grow, it’s easy for the smaller fish to get lost in the big pond. Larger banks can seem alluring with offered services like online banking, mobile apps, and easy accessibility. However, most of their smaller, local counterparts actually offer these same services, and much more. While we at Eaton are certainly biased, here are four good reasons that a small, community bank may be exactly the thing you need to help you with all your financial needs.

Comparable Products and Services

According to Money-Rates.com, 43 percent of small banks’ checking accounts have no monthly maintenance fee, compared to a mere 25 percent at larger banks. Nearly all smaller banks also offer free checking accounts. Some offer free checking as a standard, while others will provide it if you agree to receive electronic statements. Smaller banks are also able to be incredibly competitive with attractive rates on savings accounts and loans. You might find higher savings rates at bigger banks, but many community banks will offer comparable relationship pricing. Plus, there’s nothing keeping you from opening multiple accounts (online and local). You can compare and browse Eaton Community Bank’s current rates anytime on our website.

Beyond just a Smile

While a smaller bank is undoubtedly working with a smaller staff than your J.P. Morgans or Citibanks, a small, dedicated staff can actually work to your benefit. Working with fewer people helps to put a human face on the organization that handles your finances; instead of having your needs buried in the bureaucracy of a larger institution, you can take comfort in knowing that your financial needs are being met by capable individuals that you know and can call by name.

For business loans, a larger bank may deny your request outright, whereas, with a community bank and their insight on local comings and goings, you are working with people who have a more accurate picture of local business, which might make the difference in being approved or not. At Eaton Community Bank, we know our greatest asset is our people and we extend them the flexibility to give you the service and support you deserve and expect at your local community bank.

Investing in the Community

Working with an institution within your own community can be a rewarding experience in itself. Many folks find a sense of satisfaction working within their own city or town. Keeping your money with a trustworthy community-based bank can give you peace of mind, especially when you see that institution make smart investments that benefit the community in turn. At Eaton Community Bank, we pride ourselves on our deep community roots. We are customer-owned, rather than run by shareholders, which means Eaton cannot be converted to stock, bought by, or merged into another institution without the consent of its customers. We truly work for you, our customer.

Trustworthy and Committed

It’s no secret that larger financial institutions have been prone to scandal in the past. While these large banks operate under certain standards and face equal scrutiny, many of them are still paying off large fines for bending regulations and generally, offer less accountability to their customers. Working and banking with a local institution can give you the assurance that larger banks simply cannot. Local institutions are seldom fined for improper operations and are simply more stable.

In the words of Eaton Community Bank President Tim Jewell, “As a mutual bank, we’re owned by our customers. As a community bank, we focus all of our efforts on supporting the individuals, families, and businesses in just one region.” With a community bank like Eaton, you can rest easy knowing that your finances are in the capable hands of people you know, trust, and may even bump into on the street.