Reasons to Bank Locally

Reasons to Bank Locally

Reasons to Bank Locally

Most local banks offer the same array of needed services, from online billing paying, debit and credit cards, multiple accounts and services. However, these tend to be at a much lower cost than banking on a national level. There are plenty of perks to banking locally. Put your money to work in growing your local economy and reap the benefits of having more personal attention, better customer service, a higher chance of lending, and lower fees. Here are some of the reasons that will lead to a better experience, more trust, and comfort when choosing your bank.

More Attention

Local banks tend to focus on small businesses and local families instead of catering to the larger crowd. Farmers and locals are the bread and butter for community banks. You’re more likely to get face-to-face attention and build relationships with bank employees. These are the people that will help make some major financial decisions and guide you with their expertise.  

Better Customer Service

Your bankers are bound to get to know you and help you out on a more personal level as opposed to the ‘megabanks”. You are more likely to get a real person to meet your needs on-site, rather than an animated phone recording to follow steps or online steps for transactions. Being a part of a small community forms a bond between you, your bank, and with your local bank tellers.

Benefits for Small Business Owners

The more the community prospers, the more the local bank benefits. Smaller banks account for more than half of small business lending. Meanwhile, larger banks allocate little of their resources to small businesses. Local financial institutions are often able to approve small businesses and other loans that big banks would reject. If you are a small business owner, your chances for receiving a loan are higher by banking locally.


Community banks often look at your family history and character when judging “what” and “who” to lend to. Big lenders often start digging into your personal history before they offer loans on mortgages, as opposed to getting to know you. Key decisions and loan approvals are made by the people of the bank, who live in the community and understand locals needs.

Lower Fees

Annual cost of fees for banking accounts with a larger bank can cost up to twice as much! There are pros to saving money with a local bank. For example, smaller banks won’t try to stick you with fines for a debit card. Studies show that small institutions offer better terms on credit cards, loans, and better interest rates in general. Average fees at small banks and credit unions are substantially lower than at big banks, according to national data.

So, let’s get to know each other! Bank of the Lowcountry was the first commercial chartered bank in the area, established in Walterboro over 65 years ago. We have grown into four locations to help with your every need. Here at Bank of the Lowcountry we specialize in local, personal service and do what we can to make things easy, from our family to yours!

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