5 Reasons to Avoid Community Banks
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- Опубликовано: 5 авг 2024
- If you are choosing your first bank or looking to switch banks on low income, you are going to find that community banks charge lower fees and make it easier to waive fees. They are well known for their relationship-based banking. If you’re a regular, they know you by face and name. Community banks do have their drawbacks though and I believe their biggest weakness is their slow adaptation of technology. Watch this video to learn how technology is something that directly affects you when choosing a bank on low income.
✦✦✦TIME STAMPS✦✦✦
00:00 Introduction
02:55 Mobile App
04:05 Running Account Balance
04:56 Wire Transfers
06:59 Online Access
07:56 Systems and Processes
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I concur as when I used Abacus Savings Bank for a savings account chosen to support the prime Chinatown community bank. Its poor online access (affiliating my account to my login was a true burden), lack of decent mobile app with online deposits, and online features (Including current running balance) caused time and energy to always be in the branch in person which ultimately became unsustainable which is so unfortunate because the staff and in branch experience are actually so wonderful.
Lots of great examples you gave. Yep in person is great... online not so much.
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A big bank would not have helped you recover $5k in checks. Plenty of community banks have good tech. Each bank is different it’s hard to lump them all together. Give your local
Bank a chance.
Yeah it depends on the bank. Most of the ones I work with at work have bad tech. Two have pretty good software and I give their customer service 5 stars.
Just had to mail a check to deposit the other day, as their app didn't have mobile deposit for business. Another one, had to sign up online for the business version and two weeks later still no online access as they manually verify process this stuff on the back end. *sigh*
Lack of modern technology? Alright, then let the six biggest banks in the US monopolize credit creation.
Great video Annie!
Thanks Luis! Thanks for the designs!
Excellent information, thank you!!
You’re welcome
Really great content and video. I loved the great viewpoints you shared that make me a bit more aware about what banks I choose to do business with. :D
Thanks. I'm glad you found this helpful!
Thank you for the feedback. I'm really considering switching to a community bank. I think I know now what I need to ask them before I start business with them.
Wow great video, i think even big banks and credit unions lack a lot of tech as well
As a Bangor Savings Bank customer, they do have pretty strict security policies, but they are the absolute best to work with in Maine. No fees, free ATMs worldwide and they have branches everywhere up here.
Your videos are very helpful and you should upload more but I do understand being an entrepreneur and how life can be
Trying to get into a biweekly upload schedule this year, so 2x as often. I know people want more but I don't want to end up being a RUclipsr who's main source of income is RUclips... I mean how relatable is that really? I want to work a normal career and show people that financial success can happen.
@@AnnieMargaritaYang haha you are right about that RUclips shouldn’t be a career it should be a source to influence others to Do better. Keep going appreciate the motivational information and videos 🙏
So do you think credit unions are better
Thanks you for the video. I need to open a community account but struggling because I have a really poor credit history. Do you know any UK company’s that could help? Thanks
I’m not familiar with UK
I think that you should make another video on diet/nutrition!
Annie, you hit on a lot of the common themes where small banks are struggling to keep up. Some of the items you mentioned, like wire policies and remote work, have to do with risk management, regulatory controls and capacity issues and some are related to the lack of investment in technology. But saying to "Avoid Community Banks" is like saying "Avoid Vloggers". Indeed, some are good and some are not. Some add tons of value to your life and some don't have what I am looking for. Why not re-title this video to "5 key questions to ask your community banker before opening a new account"? Remember, not all businesses can be all things to all people and banks are no different.
You make a good point. My business is with a community bank (Needham Bank) but that's because I know they invest in technology. It's just that 80-90% of the small banks I speak to while representing my clients and my boss really haven't invested in their tech and they are run very inefficiently because the boards are run by people nearing retirement and their bonuses are tied to how profitable the bank is, so investing in software would affect their bonus. There's one bank where I successfully logged into once, and then never got online access ever again because the system kicked me out. For an account with over a million dollars in it, I can't even tell you how much money is in it currently. I find out 10 days after the statement period ends via mail and then when I try to talk to customer service, they say I need to talk to the VP of the bank who seems to always be on vacation in Florida instead of working, for something extremely simple. It's hard for me to explain to people how to identify those banks to avoid because you really wouldn't know until you open an account with them and experience it yourself so I can't really title it which questions to ask.
I’m not technology I’m old school technology sucks for everything old school is still the best more work than needed for this generation of technology is still a hassle
1. Mobile App
2. Running Account Balance
3. Wire Transfers
4. Online Access
5. Staff Working Remotely
One of the reasons why I like online banks is because of no fees ever.
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Do you have ig??
No, sorry. I technically do.. it's my full name, but I made it to take the name. There aren't any posts and I never login.
These community banks fail to get in the times
Woodforest national bank is a great bank, but, they are awful when comes to getting a check deposited. Great technology, bad check cashing. I'm about to go full prepaid as soon as the new 600 dollar tax plan comes in. It's a rabbit hole that no one else can see inside.
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