Banking How To Choose A Local Or National Bank

By: Lawrence J. Reaves

When you choose a new bank, it's worth to put some extra time and energy into the selection process. After all, your financial well-being will be tied up with that bank to a great degree, and you'll probably be doing business with it for many years to come.

First, you should really think about your preferences. And then, before you get specific, you'll need to make a more general decision: Would you like to do business with a big national bank, or would you prefer to deal with a local bank?

What's the difference, you wonder? Each of the options has advantages and disadvantages:

First, there's the matter of how many branches and ATM machines they have, and where they are:

The local bank may have more branches where you live, but if you travel a lot, you won't have access to their ATM machines. You'll still be able to get money, of course, but you'll have to pay a premium: Chances are that you'll get charged twice. your own bank will charge you for using someone else's ATM machine, and the bank whose ATM machine you're using will charge you for the privilege of using their machine without being their customer.

There is another disadvantage: when you need to deposit money or a check, you can generally only do so at your own bank's ATM machines. And if your bank only has branches locally or in your home state, and you're frequently traveling out of state, you will have to make sure you deposit all your checks while you're home.

Of course most people don't travel that much, and so the fact that they can't deposit checks while out of state may not even occur to them as a possible inconvenience. But the extra charges they have to pay when they do travel can add up. If you have to pay an extra $5 to $7 in combined fees between the two banks, that's quite a bite out of your money, especially if you tend to withdraw small amounts, such as $40, at a time.

Larger banks will have branches and ATM machines all across the country, or at least in a number of different states.

As you make your decision, find out where they have their branches.

If you anticipate a move in the foreseeable future, that too might influence your decision. You should probably choose a bank that will have offices where you might end up moving so that when you get to your new home, you'll already have a bank.

If, on the other hand, you rarely travel and you plan on staying put for the foreseeable future, you may feel more comfortable with a local bank that is part of the community. If it also has a branch office close to where you live, and if it meets your other criteria, you may have found your perfect bank.


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