Banking within your own community may come with more benefits than you might expect. From lower fees to exceptional in-house service, it can be a refreshing experience to feel like a valued member of your community.
In addition to the feel-good nature of local banks, they also come with tangible perks that can help you build a stronger financial future.
Lower Fees
Customers can often save money when choosing a community bank over a big bank. Large financial institutions tend to charge much higher fees than their smaller counterparts, especially when it comes to overdraft and credit card fees.
On top of that, free checking and savings account options may be limited at big banks. In comparison, Peoples National Bank of Kewanee (PNB) offers the Peoples e-Power checking account that does not charge a monthly service fee (when certain requirements are met) and a Statement Savings account that doesn't incur a quarterly service charge as long as you maintain a minimum balance of at least $100.00.
Personalized Service
Community banks are devoted to personalized service and relationship-based banking. That means we understand the needs of our community and craft our financial services based on that knowledge.
We're quick to resolve issues instead of leaving customers in limbo as they try to navigate an outsourced customer service team. Plus, local banks like PNB are easy to reach, whether it's walking straight into a neighborhood branch or calling on the phone to quickly chat with a live person.
Community Connections
The ethical standards of many big banks are questionable at best. From creating unauthorized customer accounts to violating money laundering laws, many large banks have recently been embroiled in major legal scandals.
Local banks tend to grow alongside a community, without the pressure of having to satisfy shareholders with huge profit margins. The result is a bank that creates policies and products with the same values as the neighbors they serve.
In-House Underwriting
Local banks like Peoples National Bank of Kewanee generally develop in-house operations rather than outsourcing to serve an entire state or region. Our mortgage, personal, and business loan underwriting, for instance, is led by a team of experienced lenders who both live and work in the area.
That means faster decision making and lower fees. And if you have any questions throughout the process, you have the name and phone number of a dedicated loan officer to help you navigate the underwriting period.
Local Investment
As an added bonus, when you choose a community bank you're contributing to the strength of your local economy. According to the Federal Reserve Bank of St. Louis, 82% of small business applicants were at least partially approved for loans from small banks in 2022. Larger banks approved only 68% of applicants
PNB is proud to be part of the small bank community, providing both commercial and agricultural loans to businesses and farms throughout north central Illinois.
Digital Access
Community banks also strive to remain as innovative as big banks. Customers have access to services like online banking, bill pay, mobile apps, digital wallets, and more. No matter how you want to access and manage your accounts, your community bank has everything you need.
Ready to make the switch and experience the local bank experience for yourself?
Open an account with Peoples National Bank of Kewanee today!
