Mega banks have spent a lot of money convincing their customers that the financial management tools they offer—from bank accounts and loans to digital apps—are the best options around.
Though smaller community banks don’t have the same deep pockets for large advertising campaigns, they often can provide the same great products and services—as well as distinct advantages—over large, national banks. Unlike national banks, community banks like Union Bank focus on building long-term relationships and work hard to be sure that their practices align not just with their profits, but with the well-being of the communities they serve.
Union Bank, a proud fixture in Mena and Polk County for 90 years, exemplifies these traits and goals. Their unique personalized and community-centric banking style has opened pathways that has allowed the bank to now expand its footprint into the River Valley. In this post, we’ll explore exactly how our local expertise and commitment to our communities and local customers can truly provide you with a superior banking experience.
Common Misconceptions About Community Banks vs. Mega Banks
Before we dive into the benefits of banking with a community bank, let’s take a few minutes to dispel some common myths surrounding local and national financial institutions.
- Bigger Banks Have More to Offer
Bigger banks may have a wider reach, but that doesn’t mean they have more to offer—or that small banks only have limited services.
While every bank—big or small—will have its own array of products, you may be surprised to know the breadth of offerings that community banks are able to provide. At Union Bank, these range from:
- A variety of Checking Accounts designed with different needs in mind.
- Retirement and Investment Accounts.
- Mortgage Loans to fit every budget and situation, including low down payment options.
- Tailored Ag Lending and Business Lending products to support our farming and small business community.
- A selection of Credit Cards with no annual fees, 0% introductory rates, and great perks!
- Community Banks are Low-Tech
National banks often advertise their digital perks, like easy-to-use digital banking platforms, online bill pay, person-to-person payments, and even online account opening. However, while national banks—especially those with limited local presences—may be more reliant on their remote offerings to meet their customers' needs, that doesn’t mean that local banks don’t have robust digital offerings, too.
Most smaller banks, including Union Bank, offer simple-to-use and secure banking options that you can access from home or on the go using your smartphone or computer. At Union Bank, our accounts come with:
- Online banking
- Mobile banking on your preferred device
- Online Bill Pay
- E-Statements
- Person-to-person payments with Zelle
- Online account opening
Outside of online and mobile account management, we offer other digital benefits. Our free budgeting app, MyFi 360, can track spending, set budgets, calculate your net worth and help you meet your financial goals. And in addition to opening bank accounts, you can also apply for a credit card easily online through our web portal.
- Your Money is Safer in a Mega Bank
In the past few decades, we’ve heard the phrase “too big to fail” describe large financial institutions who, even after making questionable management choices, were bailed out by government agencies. So, does that mean your money is safer in a big bank?
Not at all. As long as you bank with a financial institution that, like Union Bank, is insured by the Federal Deposit Insurance Company, all funds in your deposit account—up to $250,000 per account—are insured. If a bank fails—or runs out of liquid funds to cover withdrawals—the FDIC will make arrangements to find a new bank to take over the accounts or have the funds returned to customers—within days. While bank failures are exceedingly rare, rest assured that when you bank with an FDIC-insured bank, your hard-earned money is safe. Speak to a member of our team to learn more about FDIC insurance.
Convenient and Easy Access to Your Money
When you bank locally, one of the biggest benefits is that your bank, and all its services, is not only right in your neighborhood but also throughout your community.
More Local Branches and ATMs
Unlike large national banks, who may only have one branch location within a certain radius, community banks like Union Bank offer numerous options for in-person banking for local residents.
At Union Bank, our branches and ATMs can be found at the main bank in Mena and on the southside of Mena near the Subway, Paris, Wickes, Caulksville, Ozark, Waldron, Booneville, and Clarksville. Whether you’re driving home from work or running errands, you’re sure to find a Union Bank on your way.
Local Assistance and Decisions
If you experience an issue with an account, need help accessing a service, or are applying for a loan, working with local team members at a community bank can make all the difference. At Union Bank, our team members are always ready to assist in person or by phone.
And when you apply for lending with us, know that the decision on your loan will be made by local people with care, as well as expediency—no waiting around for a big bank to get back to you on their timeline.
Access Your Money on the Go
No, a community bank won’t have branches and ATMs across the country. However, that doesn’t mean that you won’t have access to your account funds when you’re away from home. With Union Bank, when you open a Platinum Checking Account there is no charge to use your free Visa debit card at thousands of in-network ATMs.
With any checking account, you can also add your debit to your favorite digital wallet for online or in-person tap payments or use your card for purchases wherever Visa is accepted. And, don’t forget our free online and mobile banking, keeping your account information at your fingertips.
Community Banks Benefit Communities
Community banks aren’t just banks in smaller regions—they are banks whose very identity centers around the communities they serve. Let’s take a look at a few ways that they can benefit their region.
Keeping Your Money Local
When you bank at a mega bank, your money becomes part of a vast pool of funds, paying the big salaries of executives far away, underwriting national advertising campaigns, and funding loans far outside your community.
Small banks help keep the power of your dollar in the community. Your funds pay local salaries, providing jobs that uplift the local economy. They provide financing for local small businesses to get off the ground and first-time homebuyers to buy the right home for their families. And they even help support community organizations…
Serving the Community
Because local banks are part of the community, they have a commitment to serving the community, taking part in local events, supporting and uplifting local residents, and building a strong, resilient economy.
At Union Bank, we’ve been serving Arkansas families since 1934, and we hold the longest financial heritage of any bank in Polk County. We’re deeply rooted in our communities throughout West Central Arkansas. Whether we’re supporting local charitable causes, like volunteering for the Special Olympics, or working with small business owners and families to help them follow their dreams, we work hard to champion our neighbors and customers in the River Valley.
Understanding Local Needs
Every little pocket of our country is unique, with its own ways of doing business, its own economy, and its own priorities. While national banks aim to meet the needs of the broadest customer base, community banks can better understand how to serve their local customers.
Here at Union Bank, we live and work in the same River Valley and West Central Arkansas communities that you do. We know local prices—from gas prices to homes prices—shop the same sales, and understand the struggles and successes that our towns experience. That’s why we’re always going to be better equipped to work with you to find the right accounts, services, and financing options to meet your individual needs.
Just how local are we? Our CFO, Rob Floyd, lives in Mena with his family, and is a Mena native. He explains why he loves his job: “Union Bank’s fingerprint is imprinted all across this area, generation after generation… and it’s just such a privilege to continue to build that legacy for future generations.” Our VP, Travis Schluterman, born and raised in Paris, Arkansas, also finds immense satisfaction in working for a bank that prioritizes its community.
Your Financial Needs, Personalized
Understanding our community members’ needs means we are better able to offer them accounts and services that have been carefully crafted to meet them.
These include:
- Senior Checking Accounts: With no monthly fee and a free box of checks each year, this 60+ account is ideal for older adults on a budget.
- Kid$ Ka$h Savings Accounts: Start with only a $10 deposit and grow your account with competitive interest.
- Health Savings Accounts: Help cover your healthcare costs with this no-charge account that features a free debit card and check writing capabilities.
- Personal Checking Accounts: With free lifestyle benefits from prescription discounts to travel assistance to a range of features, our checking accounts can offer a tailored experience that fits your needs. And you can even get a personalized debit card.
Don’t forget—our team is always happy to help assist you in explaining account differences and selecting an option that fits your goals.
Choose a Community Bank in West Central Arkansas and the River Valley
We’re proud to have expanded our services throughout the local communities of West Central Arkansas and the River Valley. Ready to experience the difference of banking with a local bank first hand? Whether you’re a member of our agricultural community, a student, a parent, or business owner, we will work hard to help you find the right account or loan for your financial needs.
Open a Checking or Savings Account online, from the comfort of your home, or stop by your nearest branch in Mena, Paris, Hatfield, Wickes, Caulksville, Ozark, Waldron, Booneville, or Clarksville to learn more about our accounts, loans, services, and everything we have to offer!