Comments on: Online Banking vs. Local Banking, Which is Better?

By: Money Smart Life » How My Local Banker Saved My Credit Score

Money Smart Life » How My Local Banker Saved My Credit Score — Tue, 19 Jun 2007 12:17:00 +0000

[...] I talked the other day about online banking vs. local banking and how I think using a combination of virtual and brick & mortar banking is the best strategy. A close call on my credit score this week reminded me of the value a local relationship brings. [...]

By: Ben

Ben — Sun, 03 Jun 2007 05:49:56 +0000

I agree Art, the relationships you build with your local bank, especially if you’ve been a customer for many years, can come in very handy at times.

By: MoneyNing

MoneyNing — Sun, 03 Jun 2007 05:46:58 +0000

I think it is better to do both online and local banking. I use my local bank for my checking account because my company uses the same bank and there are many perks that comes with that.

However, the online savings account have such a high yield that you just cannot pass up!

By: Art Dinkin

Art Dinkin — Sun, 03 Jun 2007 03:18:26 +0000

Whenever possible I always buy local. The reasons are simple. Money spent in my community helps build my community. That makes my community a better place to live, increases my property values, supports businesses who pay taxes and provides the local government with the funds they need to educate my children and provide community programs. In short, buying local improves my families quality of life.

I bank at TWO local banks. At each I know my banker personally. Most of my dealings are done with a phone call or face to face. Yes, paperwork is required… but it is usually the last step, not the first. Like the time I needed a fairly large loan – quickly. It was approved as a signature loan (meaning my signature was the only collateral they needed) within hours. By the way, this bank does not do signature loans without approval from the bank president. He knows I have accounts at the other bank too, but I do not think getting a slightly higher rate at an online bank would have helped build my relationship.