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Banking is more than choosing a savings account or checking account. Here we break down the differences between large banks and smaller community banks. We highlight the advantages and disadvantages of each and help you choose the banking service that best suits your needs.
Unlike credit unions or savings and loans, there is no single way to define a community bank. The closest we can get is the definition of the Federal Deposit Insurance Corporation (FDIC). According to the FDIC, a community bank is a financial institution with less than $10 billion in assets. To put this in perspective, JPMorgan Chase’s total assets are over $2.8 trillion, and Bank of America manages $2.1 trillion. In fact, 31 institutions control 60 percent of US bank money, according to USA Facts.
This is what makes community banking special. Community banks are designed to do one thing well: serve their communities. Community bank customers are often regional, meaning that each loan can strengthen the entire community.
The main difference between a community bank and a big bank is the job. The purpose of community banks is to support the communities they serve. That means taking local deposits, making loans to local people, and doing it to help local businesses succeed. While many large banks are owned by shareholders, community banks may be privately owned. Community banks are also run by people who know the area and are invested (financially and emotionally) in its growth.
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Like big banks, community banks are often FDIC insured. This means that FDIC insurance covers your account dollar for dollar, plus interest. By 2023, the FDIC will insure accounts up to $250,000 per share per ownership class.
It makes sense to compare the benefits of a community bank with the benefits of a large bank before deciding which one to go with. Here are some of the community bank offerings:
There are certain services that larger banks can offer that your local community bank may not. For example:
The great thing about humans is that we are different. What works for one may not work for another. The best bank for you may not be the best bank for someone else. As with any financial decision, take the time to figure out what you want. If it’s personal customer service, a higher return on investment, and the opportunity to help your community thrive, community banking is definitely worth a closer look.
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Dana George holds a BA in management and organizational development from Spring Arbor University. For over 25 years, he has written and reported on business and finance, and remains passionate about his work. Dana and her husband recently moved to Champaign, Illinois, home of the Fighting Illini. And while he doesn’t think orange appeals to most people, he thinks they’ll love Champaign a lot.
Ashley Maready is a former history museum scholar who transitioned to writing and editing digital content in 2021. She holds a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Whether it’s salt mining, donkeys, or personal finance, Ashley loves creating content for the public and learning new things to teach others.
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Terms of Service Privacy Policy Accessibility Policy Terms of Copyright, Trademark and Patent Information Do Not Sell My Personal Information Since the last rate increase on May 3 , US interest rates have reached levels not seen since 2007. The Federal Reserve has been aggressive in raising interest rates as it tries to fight inflation. stuck. In fact, the interest rate (p.p.) has increased by almost five percent in just 14 months.
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In this chart, inspired by the Chartres chart, we compare the speed and intensity of the current rate increase with other periods of monetary policy tightening during the past 35 years.
We measure the rate hike cycle using the effective federal funds rate (EFFR), which calculates a weighted average of overnight lending rates. It is determined by the market, but influenced by the Fed’s target. As a starting point for each period, we looked at the EFFR of the month in which the first increase occurred.
* We consider an interest rate hike cycle to be the period in which the Federal Reserve raises interest rates for two or more consecutive meetings. The 2022–2023 interest rate hike cycle is underway, with the latest rate hike scheduled for May 4, 2023.
When we last compared the pace of inflation in September 2022, the current cycle is the fastest, but not the strongest. In recent months, the total exchange rate change is 4.88 p.p. Passing the ’04-’06 Rate Hike Cycle During the ’04-’06 period, the Federal Reserve decided to hold off on rate hikes due to moderate economic growth and inflation expectations. life.
Savings Account Rates Are Higher Than People’s Mortgages
At the extreme end, the slowest rate hike cycle occurred in 2015-2018 after the global financial crisis. Inflation as measured by the Personal Expenditure Index (PCE) was only 0.30% at the time of the first increase. Details of the meeting show that Federal Reserve officials are concerned that they may raise interest rates soon. However, they agreed to a small increase of a quarter of a percentage point to show solidarity with Fed Chair Janet Yellen, who believes that rising oil prices will lead to inflation. – life.
A small increase in monthly interest rates by the Federal Reserve
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