The decision to set out and find a local bank or other institution you can trust with your finances can be overwhelming. After all, a good bank isn’t just a place to store your money. It’s a place that provides the opportunity for your money to grow, security knowing your funds are protected and flexibility to work with you as your personal and professional financial goals evolve.
When considering the switch to a new bank, it’s important to consider all of your options — but where do you even start? Here, Central Bank’s business and personal banking experts cover important questions to consider before making your decision and why a local bank can be an ideal option for personal and business banking needs alike.
Why Should You Consider Working with a Local Bank?
There’s nothing wrong with doing business with big companies, but there can be definite advantages to working with local banks. It’s comparable to buying your fresh produce from a superstore as compared to a farmers market just down the street. You can get what you need at both places, but the quality might not be the same.
Local banks such as Central Bank focus on building relationships while gaining a deep understanding of their customers and their businesses. And because they aren’t faced with a large chain of command or the red tape associated with larger institutions, they have more flexibility, too.
As it relates to business or personal loans, a local bank’s lenders have the time to consider a variety of factors — everything from local economic conditions to significant life events you communicate to them. They offer quick lending decisions and can provide custom financial approaches based on clients’ unique needs and circumstances. In fact, community banks are behind approximately 60% of all small business loans.
Key Questions to Ask on Your Search for a New Bank
While there are certainly advantages to switching to a local financial institution, that doesn’t mean that all local banks are alike. It’s important to ask yourself the following questions to decide which bank best suits your current and potential financial needs.
Question 1: Does the Bank Offer the Services You Need?
Different people require different banking services depending on their personal and business needs. It’s crucial to choose a bank that offers a variety of account options and services. For instance, when running a business, having both a business checking account for streamlined, secure company payments and purchases, and a business savings account for both unexpected and anticipated business expenses adds ease to everyday life.
Additional support from business services such as commercial loans, treasury management offerings and factoring opportunities can also help improve cashflow while easing day-to-day stress. Meanwhile, having friendly professionals available to talk through your needs and goals, and tailor unique solutions for your company, can also make a tremendous difference.
It’s just as important to feel comfortable with your personal banking situation as your business banking. Whether you’re opening your first savings account or planning for retirement, it’s critical that your next bank offers everything you need. Think about the tools, resources and services that provide not just financial security, but also peace of mind. This can encapsulate everything from savings and checking accounts to mortgages, loans and safe deposit boxes.
Question 2: How Easy Does Your Potential Bank Make it to Do Business?
No two people bank in exactly the same way. When setting out to find a new bank, consider your own financial history and the way you prefer to do business. Do you primarily bank online? Through a mobile app? Do you prefer to visit a branch and talk to someone in person? Is the location of ATMs an important factor? Thinking through not just how you’re banking now, but how those needs may change in the future, can make it easier to determine the right financial partner.
If you’re someone who feels more comfortable doing business face to face in a branch, it makes sense to find a local bank with locations close to where you live and work. Central Bank offers four convenient locations throughout Houston, and we’re always glad to see you.
If you like the convenience of banking through your computer or smartphone, ensure your new bank has user-friendly online and mobile options. At Central Bank, for instance, eBanking services are available 24 hours a day, providing a convenient and secure means of accessing and overseeing funds, paying bills and making changes to your accounts — online, on the mobile app or over the phone.
Question 3: What Security and Privacy Measures Does Your Potential Bank Provide?
In 2023, the second-most targeted industry for cybersecurity incidents and compromised data was the financial services sector. That’s to say, whether you decide to bank online or in person, it’s critical that the bank you choose have features in place to safeguard your funds and sensitive data.
To protect your personal information from unauthorized access and use, Central Bank employs security and privacy measures that comply with federal law. This includes computer safeguards as well as secured files and buildings. Our team also undergoes regular training to ensure we are up to date on common scams, fraud detection techniques and how to respond if fraudulent activity is suspected.
Central Bank also offers financial services with heightened security for those interested in added protection to their accounts. SecurLOCK Equip, for instance, gives you the ability to control how, when and where your payment cards are used, and the opportunity to protect yourself from fraudulent transactions and misuse. Positive Pay fraud detection, another popular option among business banking customers, requires validation for all checks and ACH items presented against your business checking account. Those that don’t match the list of approved merchants are flagged as exceptions that an authorized individual can either wave through with an approval or deny.
By providing access to a wide range of educational resources, Central Bank also empowers clients to keep their assets better protected. Our Resources & Guides page offers insights into everything from protecting funds against check fraud to quick links for cybersecurity resources and access to documents needed to report suspected fraud or identity theft.
Question 4: What Fees Are Associated with Your Potential Bank?
Many people forget to factor bank fees into their search for a new financial institution. Such fees can quickly put a dent in the money you’ve worked so hard to build up, and it’s important to keep an eye out. While some local banks charge little to no additional fees for doing business with them, others charge for everything from returned checks to ATM use. Talk with your local bank about potential fees you might incur. Common examples include:
Did You Know? Central Bank offers automatic reimbursement for fees on all domestic ATMs. No matter where you are in the country, you never have to pay to access your money.
Question 5: Does Your Potential Local Bank Have a Positive Reputation?
In today’s online world, it’s easier than ever to find out what other people think about a local business by reading reviews and online feedback. Is the bank well established in your area? What do current and past customers say about it? Although every financial institution is bound to have a mix of positive and negative comments out there, online comments and review sites can provide a helpful understanding of the overall way a company does business.
Central Bank was chartered back in 1956 and is the longest-serving independent bank in Houston. We’re proud to note that many of our client relationships go back years — and even decades. And, while we take pride in helping people reach their financial goals, it’s also important for us to have a positive impact on the Houston community. (After all, Houston is our home, too!) Central Bank regularly gives back through volunteer efforts and donation drives, and deposits made at the bank go to fund local lending.
Ready to Switch to a Local Bank?
Finding a new local bank might seem intimidating, but careful planning and the right resources can help to ease the process. If you have questions about any of the above, or if you’re interested in learning how Central Bank can work with you to help you reach your personal and professional financial goals, reach out to us today. We’re here to help, and we’d love to hear from you.