When it comes to getting a home or car loan, local credit unions or community banks may have an edge over larger, national companies. Members and customers are more likely to experience a unique relationship that can help them in a number of ways. North Jersey Federal Credit Union in Totowa, NJ, remains a strong advocate for creating long-term and loyal alliances, which includes establishing strong ties with local financial institutions.

Benefits of Banking Locally

1. Customized Personal Service

Credit union and local bank representatives are committed to providing personal service uniquely tailored to their clients. They genuinely want to get to know them and their financial situations so that they can offer the appropriate products and services. Members and customers feel appreciated when they're greeted by their first name, too.

2. Local Loan Decisions

Banking locally also means loan decisions are typically made in-house rather than through an anonymous call center. Lending officers will take a look at an applicant's personal financial situation beyond credit scores. Local representatives who've gotten to know their clients are more likely to consider their individual circumstances for personal loan, car loan, and mortgage approvals.

3. Small Business Investment

With strong ties to the community, local credit unions and banks see the importance of investing in the area's small businesses. By providing funding for retail stores and other firms, the community is able to create more jobs. In turn, economic development produces housing, transportation, and entrepreneurship growth.

4. Caters to Diverse Groups

Another important benefit of banking locally is a genuine willingness to cater to the community's diverse groups. This includes segments of the population that may have been ignored by larger financial institutions. For instance, immigrants who don't have the proper U.S. residency documents but do have identification tax identification numbers or ITINs will likely have greater access to a range of essential bank services.

There's so many financial institutions—both online and traditional brick and mortar branches—that are competing for customers. With a solid reputation for nurturing community ties, North Jersey Federal Credit Union welcomes the opportunity to show you the benefits of a local bank. To learn more about the suite of available products and services, call (973) 785-9200 or visit the website.