Impact of Megabanks on Communities
Megabanks do everything they can to get your attention. They’re big, flashy, and have the budget for major advertising platforms. If these large banks had their way, they’d take over every community bank and credit union. Do you ever wonder what might happen if they did get their way? It turns out that big banks aren’t great for communities. As a matter of fact, here are a few things that happen when big banks take over.
Ignoring Community Needs
Big banks don’t care about community needs. At the end of the day, all that matters to them is their bottom line. Megabank owners are generally more concerned with how your money can serve them, not how they can help you and your community. Now, community banks offer the services that your community needs. As a staple in the community, they see firsthand what the community needs from its bank, and they do their best to provide those services. For example, if your community has a lot of small businesses, then your bank may have a thriving small business loan program. Megabank services, on the other hand, aren’t based on what your specific community needs. They’re based on averages across the country. There’s nothing personal about them. As a result, it can be hard for community members to get what they need from these banks, including things like loan approval and appropriate credit limits.
Economic Damage and Loss of Jobs
Community banks hire community members. Furthermore, they provide services that help local businesses grow. Megabanks, on the other hand, often bring people from outside of the community to fill their jobs. They also don’t provide the same local economy support that community banks provide. As a result, megabanks can damage your local economy and result in fewer jobs for community members.
At the end of the day, it’s better for your community to bank local. Community banks and credit unions provide lots of positive impact. Still, you do want to make sure that you find a bank that meets your needs. That’s why Bundlefi is here to help you get the best of all worlds. Whether you need a checking account, a business loan, or any other financial service, we can help you find the community bank or credit union that will meet your needs. Check out Bundlefi today to compare banks and learn more. Our team is always ready to help.