Is Your Bank Actually Reputable? Let's Find Out.
If you were shopping around for a new computer, you’d probably spend hours looking at reviews. If your trusted family doctor moved away, you’d probably spend days searching for the perfect practice to fit you and your family. Bottom-line: When it comes to buying expensive tech products, or taking care of your health, you put in the work to make sure you get quality service and quality products.
But do you put in the same amount of effort when it comes to choosing a bank or re-evaluating the bank where you opened your first savings account at 12 years old? That piggy banks wasn't going to hold your savings forever right? If your answer is no, it's a good thing you're here, because we've got news for you.
If you've recently felt like you're paying outrageous big bank fees or experiencing poor customer service, you're not be the only one. According to a recent article by the Phoenix Business Journal, a new report from Reputation Institute and American Banker, a well-known industry publication, ranked the three largest banks in the Valley as "extremely low" when it comes to being reputable. The reputable rankings were based of customer surveys which were then used to rank them.
Let's take a look at where your bank ranked:
JPMorgan Chase & Co. is the largest bank in our region when it comes to deposits, but scored a poor ranking of #35 in being reputable.
- Wells Fargo & Co., the Arizona bank that is second in deposits ranked even lower. They were the lowest of the three major Arizona banks at rank #40.
Bank of America, which was ranked third in deposits, came in at #39.
You wouldn't buy a laptop with a poor rating, so why keep your poorly ranking bank?
Do you find it scary and intimidating to move your money to a completely different financial institution? That okay, because we're here to help.! We've done our research and the next section of this blog will give you recommendations on the two best alternatives to big banks: small local banks and credit unions.
Credit Union and Local Bank Recommendations
Now that you've seen the bad, it's time to show you the good. Here's a list of just a few credit unions and local banks that are sure to provide you with the service you deserve:
This locally owned credit union received the number one Arizona spot on the Forbes' Inaugural "Best-In-State Banks and Credit Unions" list which was published on June 28, 2018. The credit union received the top rating with a customer satisfaction score of 87.60. This was compared to all credit unions in the Mountain West Credit Union Association area which included Arizona, Colorado, and Wyoming. Only 2.4% of financial institutions across the nation earned the Best-In-State designation making this accomplishment a clear indicator of their high-quality service.
Each year AZ Big Media calls upon Arizonans to vote for what they believe are the best businesses in various categories. This year Pinnacle Bank received the top ranking and the distinction of #1 Community Bank in Arizona. If you're someone that believes word-of-mouth recommendations are important, than this award is essentially a recommendation from hundreds of people.
Since we're showing you the good, we couldn't leave out this caring credit union. Not only do they have great customer service, but they really care about serving the community and give back. Last year Vantage West awarded $10,000 in scholarships to ten outstanding students with their scholarship program. Every month, they participate in “Go Casual for a Cause,” where employees leave their ties and suits at home in exchange for a donation to a designated charity. Whether it's employees volunteering in the community or the organization donating in-kind products, this credit union loves to give back. This makes them the perfect financial partner for those interested in shaping their community and making a positive impact.
In a nutshell, we could go on and on about the good rankings and good service local banks and credit unions provide for our community but - we'd run out of space. Instead we'll let you can take a look at our full list of Certified Local banks and Arizona credit unions!
Not sold on banking local?
Here's three good reasons why making the switch to a local bank or credit union can make a big difference:
- You'll be directly supporting community - if you are someone that cares about your community, this is another opportunity to give back. Whereas large national banks are typically not headquartered in your home state, local credit unions are right where you are. This means that they invest in the very community where you live and work. For example, Vantage West Credit Union provides loans to small local businesses to set them up for long-term success. Numerous local banks and credit unions donate to local charities too!
- You'll have a better chance of getting a loan - Local credit unions care deeply about their members and see them as important members of our community. They see them as homeowners, small business owners, students - instead of just a number. Although small banks and credit unions only account for 22 percent of all bank assets in the U.S., small and mid-sized banks account for 54 percent of small business lending. Whether you're an entrepreneur wanting to grow your business or a consumer looking for a home loan, these local banks and credit unions want to support you.
- The rewards programs hit close to home - Just like large national banks, local credit unions offer reward programs too. These programs are more special because they offer rewards that include local attractions and services located right in your city. This creates a direct economic impact as you'll be pumping more dollars back in to the Arizona economy and exploring it's awesome places while you support your neighbors.