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Resources

Why Bank Local?


There are many different banking options trying to get your attention and convince you to trust them with your money. Here's a few reasons why you should bank LOCAL!

  1. Local banks often have lower fees than big banks, according to bankrate.com, saving you money. They also have the same convenient banking products, such as bill pay, mobile and online banking, and mobile deposits, as do the big guys. It is a win-win for the customer.
  2. When you bank at a small community bank, the money you deposit there is being put directly back into your community through loans. For example, when you make a deposit here at Port Richmond Savings, we invest your money into Mr. and Mrs. Smith's house down the street with their mortgage, and the new bakery that just opened around the corner with a small business loan (Small banks lend over 60% of small business loans. Big banks tend to cater to large businesses and corporations, or else invest their money on Wall Street.) That new bakery then hires 5 new employees. (Small businesses create roughly 66% of new jobs!) So in effect, when you bank locally, you are investing in your neighborhood and your local job market. When you bank here at Port Richmond Savings, your money is being put right back into the Philadelphia area.
  3. At a local bank, the decision makers are usually local guys and gals themselves, so they understand the neighborhood, its culture, and its needs. They too can help folks that may have a harder time getting a loan elsewhere. This is unlike the big guys, where the decision makers are sitting in an office in some other part of the country, using a standardized formula to decide if someone should or should not be given a loan.

Watch this video about Community Banks:

For more information about banking locally, look up banklocal.info.