There are thousands of small businesses in Bucks County, owned and operated by neighbors in our community. When you shop with them and support locally owned businesses, your money stays right here in the community. Did you know you have the same option with banking? Inspire Federal Credit Union is a member-owned financial cooperative founded in Bucks County for those who live, work, or attend school in our community. Banking local sounds like a great idea, but we always hear a lot of reasons why people don’t do it. Let’s clear up some of these myths with some really clear reasons why banking local with a Bucks County based member-owned financial cooperative is good for the community, and even better for you personally.
- Get the Same Services at Lower Cost
- Inspire offers most of the same services, from online bill paying to debit and credit cards, at much lower cost than big banks. The fees at Inspire are substantially lower than those of big banks, according to national data. Studies show that smaller financial institutions like Inspire also offer, on average, better interest rates on savings and better terms on credit cards and other loans. That means lower monthly payments for you, and more money in your pocket.
- Put Your Money to Work Growing the Bucks County Economy
- Small businesses, which create the majority of new jobs, depend heavily on small local financial institutions for financing. Although small and mid-sized banks control less than one-quarter of all bank assets, they account for more than half of all small business lending. The largest 20 banks, which now control 57 percent of all bank assets, devote only 18 percent of their commercial loan portfolios to small business. And yes, as of May 1, Inspire is offering small business deposit services to local businesses, with small business lending to be available later in 2016.
- Keep Decision-Making Local
- At Inspire, loan approvals and other key decisions are made locally by people who live in the community, have face-to-face relationships with members, and understand local needs. Because of this personal knowledge, local financial institutions like Inspire are often able to approve loans that big banks would reject.
- Convenience is Key
- It’s a common misconception that banking with a smaller institution means sacrificing convenience. False! Inspire members have access to over 30,000 surcharge free ATMs nationwide, along with over 5,000 shared branches around the country. You also have the same technology as bigger banks like a free mobile app, online billpay, and online loan applications. We’ll even help take away the headache of switching accounts by helping you load your monthly bills into your new online billpay system.
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If you’re inspired to drop your big bank and become a member-owner of a local financial institution, you can start at inspirefcu.org or visit a branch today
