Do you know the difference between a community bank in Knoxville and one of the more familiar, global banks? In addition to the fact that the global banks do business all over the world, and have clients such as enormous corporations in addition to individual consumers, they also may not offer the service a community bank extends. Consider that many experts feel that community banks are some of the most important businesses in local economies.
Why? It has to do with that word “local”. The community bank is not just a bank that operates within your general community or region; it is also fully local. What that means is important. The money you deposit into global giants is unlikely to support businesses in your town. However, when you work with a community bank in Knoxville, you can know that your money is likely being used by neighbors buying homes or starting businesses. The funds rarely get invested in anything outside of the country or even community.
Because the average community bank is a stand-alone company, it does not emphasize volume relationships. Instead, clients of community banks typically find that their bank is eager to create a long-term relationship with them and to do more than supply them with a checking account. Typically, the community bank is eager to have multiple accounts and a range of attentive and customized services for their community customers. You are never treated like an account number at such banks but instead, have a genuine relationship with the bank.
Work in a Logical Manner
Do you know how banks make money? The giant banks make their money in ways that actually seem risky. They do enormous investments, offer to underwrite to large scale businesses and even purchase questionable debts. The community banks don’t make money in such ways. Instead, they use the classic model of earning income from the loans made. For instance, the interest you pay on your community bank backed car loan is how the firm earns income.
If the community bank model sounds appealing to you, visit one today. Offering an array of services and banking programs (including personal, business and mortgages), your community bank for those in the Knoxville area is for those who want to know their money is supporting their community.