The Ultimate Guide to Personal Financial Wellness

Where you bank is more important than you might think. Here’s what local banks can do for you, and what they do for your community.

Local Banks

A local bank is defined as a depository institution of any size (large or small) that is locally owned and operated. Typically, local banks focus their offerings and efforts on the individuals and businesses that reside in the surrounding community.

Local Banks vs. National Banks

Local banks are woven into the fabric of their town. Most local banks are built to serve clients that national banks brush to the side, like farmers, small businesses, and local families.

National Banks

Also called “megabanks,” national banks rose to power by absorbing smaller financial institutions and leveraging their scale for enormous profits. Megabanks are frequent subjects of scandals, bailouts, and compromised corporate culture based on numbers rather than customer service.

While these sprawling institutions wield significant power and influence, these traits are not likely to trickle down to consumers like you. National banks tend to have higher fees and fewer free account offerings—and are more invested in big businesses rather than their local communities.

Local Banks

Community banking institutions have a symbiotic relationship with the communities they serve. Local banks provide vital services to local families, small business owners, and those establishing and rebuilding credit—people in your community that are overlooked by megabanks. 

Like Vast Bank, many local banks are family owned. This brings an important element of personal attention and a deep understanding of the surrounding community. A family-owned bank is accustomed to evaluating loans for your area, and is familiar with the challenges and dynamics of the place you call home.

Choosing a local bank enhances your life both directly and indirectly. Here are the top five benefits of banking locally:

1. Lower fees:

   Lower overhead means that community banks can provide more free account options and fewer fees. Common banking fees include service fees for checking accounts, overdraft fees, and transaction fees. These fees can add up to a staggering amount over the course of the time, depending on your banking activities.

2. Higher APYs:

   For the same reason that local banks have lower fees, they can also offer higher Annual Percentage Yields (APYs). APYs are interest earnings on the funds you have in your checking and savings accounts. A bank will pay interest as a way to encourage people to entrust their savings to the institution.

3. Relationship-based banking:

   Local business owners and families are known throughout their communities. This doesn’t mean much to a megabank, but it means a lot to a local bank. Community banks factor in what they know about your character and local impact rather than automating things like loan approvals.

4. Faster decisions:

   When you need to make a big purchase FAST, you can’t always wait on the national bank’s red tape. National banks have several layers of approvals, fraud filters, and other bureaucratic complications that significantly slow even simple processes like opening a checking account. Local banks offer expedient in-house decision making, so you can stay on track when time is of the essence.

5. Profits go to your community, not Wall Street:

   National banks frequently use a community’s deposits to make investments where success won’t be locally beneficial, such as in the stock market. When you bank locally, you’re channeling your money right back into your neighborhood, ultimately improving your financial wellness and encouraging growth where you live and work.

For example, local banks are responsible for a significant portion of small business loans in your community, giving you an enjoyable selection of places to shop, dine, work out, and relax. Local banks are also known for sponsoring community events and donating to charitable causes, improving life for you and your neighbors. 

Why should I use a local bank? 

For the typical customer or small business, the benefits of local banking will usually outweigh what is offered by a national bank. Even when elements like fees and APYs are similar, community banks have the competitive edge based on their unique position to provide personal service and avoid red tape. 

Local banks play a role in your day-to-day activities not just through banking services, but through the small businesses they work with and the community organizations they support.

Local banks have the same regulations and the same freedoms as national banks. Your community bank can be your first stop for loan shopping, a place to ask important financial questions, and a reliable institution in which to store and grow your savings. 

By working together, local banks can even provide a network of branches and ATM locations comparable to what is offered by national banks. 

Disadvantages of banking locally

In some cases, local banks will not offer the extended menu of services to accommodate special financial needs. For example, for very wealthy individuals, people dealing with significant overseas transactions or savings, or other complex situations, a larger bank may be better equipped. 

Switching to a local bank

When you’re choosing a new bank, consider the reciprocal relationship that comes from partnering with a community bank. Why not enjoy all the perks of a national bank, PLUS lower fees and support for your hometown?

Ready to start banking locally? We thought so. Vast Bank is one of the few family-owned banks in Tulsa, Oklahoma, offering personalized service with flexibility and integrity.

With just $100 to deposit, you can open your Vast Bank account and show your Tulsa pride with your Vast Bank Tulsa Flag Card. Every time you swipe it, we give back to the city you love.

At Vast Bank, we have a unique understanding of the financial needs of the average household. Local banks have been a lifeline to their communities, providing essential financial services in a range of economic climates. 

Because of these strong community ties, local banks are invested in YOU and know exactly what you’ll need to achieve financial wellness. 

How can Vast Bank help?

Vast Bank offers business and personal finance solutions and tools to help strengthen your financial wellness as well as the community we live in.

Personal Banking

Vast Bank is proud to offer hassle-free checking and savings accounts with competitive APYs. 

Business Banking

Small businesses can count on Vast Bank for account services and features that meet your needs, as well as establishing a business line of credit or term loan so you can keep making Tulsa an incredible place to live, work, and play.

Personal Loans

Whether you’re making a big purchase or responding to unexpected expenses, a personal loan through Vast Bank provides flexible access to the funds you need. 

Credit Cards

Choose the credit card option that best suits your needs and usage, such as a low-interest non-rewards card (great for balance transfers), a rewards card that earns bonuses with usage, or a secured card to establish or rebuild your credit.

Tulsa Pride

Vast Bank began as Valley National Bank in 1982, and continues to operate as one of Oklahoma’s few remaining family-owned financial institutions. When you’re choosing a new bank, consider the effect that our local banks in Tulsa have on the community around you. One benefit of local banking is knowing that your money is helping to grow Tulsa’s economy.

Find solutions for checking, savings, and beyond at Vast Bank.

Partnering with a community bank means you’ll receive the personalized service you need to help you achieve optimum financial wellness. Vast Bank is owned and operated by local Oklahomans who know and love the place you call home. 

We have developed our offerings to set you up for success, whether you’re saving for a new home, buying a car, opening a business, or just going about your daily life in Oklahoma. We’re dedicated to serving you on every step of your journey.

PERSONAL BANKING

Personal Checking

Savings and CDs

Personal Loans

Credit Cards

BUSINESS BANKING

Business Checking

Business Savings

Loans & Lines

Credit Cards