The classic film, “It’s a Wonderful Life,” depicts a less complicated some time and place a little town where everyone understands one another and relies on each other. At the core of that world is definitely the community bank, the la banque postale, and its battle from the large bank controlled by the heartless Henry F. Potter. It might appear that this Potters around the world have got within the financial sphere once and for all, but small institutions much like the Bailey Building and Loan still thrive, and can continue to give the kind of small town service many customers desire.
When citizens of Frances head into the La Banque Postale, they’re not unlikely to be served by George Bailey himself. The local community bank will offer an identical degree of service, with officers open to customers at your location, as an alternative to hidden in the corporate office in another city. Finance professionals can take a moment with customers, discuss their questions, and give personalized advice suited to individuals’ financial needs. Larger institutions like Potter’s don’t know you or your family and can’t take your personal circumstances into account when seeking investment solutions.
This personalized service may be a lot more important in terms of large loans just like a mortgage. Every time a corporate loan provider owns your mortgage, you may never satisfy the people you’re sending those hefty payments to every month. Moreover, it’s likely that your particular mortgage is sold to another one institution one or maybe more times during the life in the loan. Using a community bank, however, your loan will be managed with your hometown, where you can speak with a real person if you need. A smaller lender is also prone to offer flexible loan options as well as to take your personal history into consideration as opposed to just plugging your details in to a formula to determine your options.
Just like buying your groceries from the local farmer’s market helps strengthen your area’s economy, depositing your savings near home puts your hard earned dollars to work in your area. Large institutions may hold accounts in one area and then make loans in another, but a community bank can circulate money inside your city or town, strengthening the area overall.
Keep in mind the famous bank-run scene in “It’s an awesome Life”? People concerned about their savings demanded to seal their accounts and obtain their funds in hand immediately, but George explains, “The money’s not here. Your money’s in Joe’s house… and in the Kennedy house, and Mrs. Macklin’s house, and a hundred others.” Bank runs are thankfully a devipky97 of history, but local lenders just like the Bailey Building and Loan still circulate funds within a small geographic area. Keeping your hard earned dollars by having an institution that lends to businesses and folks inside the same neighborhood supports the local economy in ways that the major guys never could, improving the community grow and thrive.
It may not be as big or flashy as Potter’s gold-plated institution, but community bank may provide the assistance and financial services you value most-those that will remain in your neighborhood and improve your local economy while growing your personal savings.