Which are two advantages of having an account at a local community bank versus a national bank?

A. Community banks are typically larger and more well-known than national banks
B. Community banks typically have LOWER fees and charges when compared to a national bank
C. Community banks typically have HIGHER fees and charges when compared to a national bank
D. Community banks typically give back and support the local community

Question

05-06-2024
Business

Answered

Which are two advantages of having an account at a local community bank versus a national bank?

A. Community banks are typically larger and more well-known than national banks
B. Community banks typically have LOWER fees and charges when compared to a national bank
C. Community banks typically have HIGHER fees and charges when compared to a national bank
D. Community banks typically give back and support the local community

Answer :

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masifakrami masifakrami · Answer 1 · 2024-06-05T14:58:51-04:00

Answer:

The two advantages of having an account at a local community bank versus a national bank are:

B. Community banks typically have LOWER fees when compared to a national bank

D. Community banks typically give back and support the local community

Explanation:

1. Lower fees (B):- Community banks often have lower fees compared to national banks. This can include lower monthly maintenance fees, lower overdraft fees, and fewer hidden charges. These banks focus on providing affordable banking services to their local communities.

2. Support for the Local Community (D):- Community banks are deeply integrated into the local community. They often reinvest in the community by supporting local businesses, participating in local events, and providing loans to local entrepreneurs. This local focus can lead to a stronger relationship between the bank and its customers.

Conclusion:

The two main advantages of having an account at a local community bank over a national bank are typically lower charges (B) and strong support for the local community (D).