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In the modern world, banking services are a necessity. From paying bills to shopping online, digital access to money comes in handy on a day-to-day basis. Yet, not all banks are created equal. While local banks offer a unique sense of community, big banks are regarded as convenient—yet there is some crossover between the two. To ensure you choose the right option for your needs, learn about the differences between these two types of institutions below.

Local Banks Vs. Big Banks: Which Is Right for You?

Financial Services

Big banks are known for offering a wide range of financial services to their clients, from individual checking accounts to brokerage services. Community banks usually have a restricted number of financial options, but you can still expect checking, savings, and loan services. If you're looking for a wide variety of investment options, a large institution might suit you, but both will work for individuals with standard banking needs.

Convenience

Local Banks vs. Big Banks: What's the Difference? | Putnam 1st Mercantile Bank in Cookeville, TNEase of use was once a selling point for big banks, because they offer multiple locations and ATM access across the country. While a community institution may have fewer physical locations, they are no longer held to location restrictions. The interconnectivity of the internet allows customers of local banks to access their capital from anywhere in the world, and many of these organizations cover ATM fees or partner with other institutions to extend their network availability.

Fees

Fees are one of the biggest differences between big and local banks. Such expenses are associated with overdrafts, user fees, and withdrawal limits on savings accounts. Since local entities are typically less focused on profit, they often provide lower fees than big banks, and are also more likely to offer free checking accounts without user charges.

 

At Putnam 1st Mercantile Bank in Cookeville, TN, they strive to offer the convenience of big banks with the dedication and friendly service only a community institution can provide. This locally owned and -operated bank offers both personal and business banking options, including checking accounts and loan services. Learn more about the local bank's dedication to the Upper Cumberland area online or by calling (931) 528-6372, and open an account today by visiting one of their three locations.

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