In 2014 the Harris Poll found that big national banks have the trust of about 50% of Americans. Despite big national banks being some of the least trusted they still have the highest percentage of customers at 45%.
Why do consumers continue to choose larger banks when local banks can offer much of the same along with lower fees?
There’s a number of reasons why you might choose a bank including; convenience, online products, customer service, and cost of fees. All of these factors are important when picking your bank, but if you are really serious about saving more money you should consider a local bank or credit union.
According to the same poll about half (49%) of Americans say their trust in credit unions has remained the same over the past few years since the 2009 recession.
A lot of times local banks and credit unions go over looked by consumers because they are not seen as much in main stream media due to smaller marketing budgets, but that doesn’t mean they are not strong financial institutions. By choosing to bank locally you can help your communities grow through local business and development.
If you are one of the many that are unsatisfied with your current bank it may be time to try a community bank or credit union. They are some of the most trusted financial institutions in the U.S.
Related article Why Community Lenders Should Go Negative on Big Banks @ americanbanker.com