There are many options when it comes to banking. For example, there are big banks, credit unions, small banks, and online banks. Big banks come with pros and cons, and many customers have reasons for sticking with them or raising for being dissatisfied and leaving them. Here are the major takeaways from big banks and how they work.
Advantages of Big Banks
Many people like big banks because they fit into their financial goals. People who stay with big banks like them because of the variety of financial products that they offer. Another reason why they like big banks is that they have many locations and ATM networks. Having many locations and ATMs means that consumers will not be charged additional fees when trying to withdraw their money from these locations. Additionally, when traveling, consumers may find big banks abroad, which will help them manage foreign currencies.
The Disadvantages of Big Banks
Many consumers do not like big banks because they feel that they are impersonal. They prefer smaller banks because they have that hometown field. They feel that big banks treat them as just a number and not a consumer with a face and a name. In other words, they are seeking personalized attention, which baked banks may not necessarily have. Big banks also have a drawback when it comes to loaning money to less qualified borrowers. These borrowers may come from low to middle-income backgrounds or have less than perfect credit.
Big banks could be money-making machines and charge exorbitant fees. Many consumers do not like big banks because they feel that they charge too many fees. For example, big banks may charge fees for overdrawing your account. Many consumers prefer smaller banks because not only do they provide personalized attention, but they also waive many of the standard fees of big banks.
The bottom line is that big banks have their advantages and disadvantages. They may not be for everyone. Contact us to see if we can help you figure out whether or not a big Bank suits your financial needs.