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Banks used to be known for giving out toasters as a way to attract customers, but that’s no longer true.
Instead, banks are now offering competitive and one-stop services, like checking accounts, mortgage loans, business financing and investment counseling. Banks encourage customers to choose one that can serve all their needs, whether it’s a recent college graduate who needs the first account or a small business owner wanting to expand.
There are many options when you’re looking for a bank, including locally owned community banks and credit unions. Basically, according to ABC News, there are different kinds of banks, “big national banks, regional banks and Internet banks.” Choosing what type is right for you depends on what you need. Local and regional banks, it said, can generally offer lower fees and are known for giving more personalized service.
“People walk into a bank looking for many different services and products,” said Jerry Ledet, Synergy Bank president and CEO. However, he explained that no matter what customers may be looking for, they all want one basic thing, and that’s respect. “They want to be treated as a person and not an account number and for someone with banking knowledge to help them with what they are trying to accomplish.”
Steve Crispino, executive vice president of South Louisiana Bank, said more people are turning to community banks because they want more localized service; they want to be able
to talk to the people who make the decisions. “We can offer better one on one service,” and now small banks have caught up to big ones in technology advances, he said. That means customers can find services like online and mobile banking, no matter the size of the bank. Mobile services include options like transferring funds online, depositing checks using a smartphone or tablet or using an ATM away from home.
When choosing a bank, it’s important to think about what services you want. Many banks, including Synergy and South Louisiana Bank, offer free checking accounts or have different kinds of accounts, some that may have fees, based on the account balance.
Crispino said customers should choose what kind of account they want, based on their specific needs and they can find a variety of services at local banks, including free basic checking accounts. Ledet explained customers should “understand all of the options clearly so that they can make an informed decision.”
Ledet said Synergy likes to “greet customers by name, ask how their family is doing, or how their latest project is going. We get to know each customer so we can provide better service and assist them in meeting their financial goals.”
Crispino said customers can also see how a bank rates in the industry. For example, he cited Bauer Financial, an organization that analyzes banks and other financial institutions. “For every quarter since September of 1995, the Bank of South Louisiana has earned a 5 star rating, the highest possible.” Last month, South Louisiana Bank marked its 35th year and Crispino said it’s Terrebonne parish’s oldest community bank.
Synergy Bank, just 16 years old, was recently named “Best of the Best” top performing banks in the country in the Independent Community Bankers Association’s monthly magazine.
While most banks are insured by the Federal Deposit Insurance Corporation, which insures deposit accounts, some are not. A visit to the FDIC webpage lists all covered intuitions; and its member institutions usually display their membership symbol.
Some customers want more than just checking or savings accounts, they may also be looking for a home mortgage or business loan. Many banks offer these services and others, like credit cards and investments. Many banks now have websites that list their services and fees.
