SIX MYTHS ABOUT LOCAL BANKS
A Bank Can Be More Than "Just a Bank"
By Telma Salvador, Vice President, Branch Manager
We’ve heard it all before. “Only invest in the things you know.” “Always pay cash to avoid overspending.” “Carry a small credit card balance to boost your credit score.” Money myths like these are a dime a dozen — and bank myths are no exception. Some people believe local banks are synonymous with small capabilities. But at Cambridge Trust, that couldn’t be further from the truth. With the experienced professionals and client-first service you expect — plus the full-service banking and modern technology you don’t — we work every day to dispel the biggest banking myth of all: that a bank can’t be more than “just a bank.”
MYTH #1: “The bigger the bank, the more it has to offer.”
Just like national banks, Cambridge Trust offers comprehensive products and services across personal banking, business banking, and wealth management. Checking accounts, mortgages, IRAs, home equity loans, innovation banking, financial planning, investment management, even Sustainable and Responsible Investing (SRI) — you name it, we’ve got it.
MYTH #2: “Bigger banks are just more convenient than local ones.”
It used to be that people would choose their bank based on ATM coverage. But with modern technology, that’s no longer the case. Online banking lets Cambridge Trust clients do everything online, from opening an account to managing it. Our mobile banking app also lets you deposit checks whenever, wherever, right from your phone. If ATM locations are what’s important for you, we have accounts where you can use any ATM you want; we’ll take care of the fees! There are no foreign transaction fees either. Of course, if you want to come into the branch to do your banking, we’d love to see you.
MYTH #3: “Bigger banks can pull more strings.”
Actually, people are surprised to find they hold greater power at smaller banks. At Cambridge Trust, for example, our size allows us to get to know our clients better, which in turn, allows us to advocate on their behalf. The bank’s employees all know one another, so we can vouch for our clients to get them faster answers and quicker approvals.
MYTH #4: “National banks have larger networks.”
A national bank’s network might be geographically bigger, but such massive scale can actually get in the way. National banks have subject matter experts scattered across the entire country. So, if their clients need to speak with one of them, it might not be immediate let alone face-to-face. At Cambridge Trust, our experts are at-the-ready to assist our clients — in person, over the phone, or even via video conference. We also place great value in building relationships with our clients, so whatever is going on in their lives — whether they’re thinking about getting married, drafting a will, or renovating their home — we’re able to proactively make the right connections to help them move forward.
MYTH #5: “Local banks aren’t sophisticated enough for what I need.”
People are surprised to learn just how extensive our offerings actually are. Our wealth management group, for example, is comprised of trusted advisors like financial planners, trust officers, and portfolio managers so every client truly has an elite team on their side. Our headquarters in Cambridge also makes us uniquely attuned to the needs of the innovation and technology sectors. We’re the first and only local bank with an Innovation Banking Group which supports local entrepreneurs on their path to success. And our membership in community organizations such as the Kendall Square Association and Chamber of Commerce gives our clients opportunities to network within the area.
MYTH #6: “Bigger banks have a bigger safety net.”
Like all banks, Cambridge Trust is insured by the Federal Deposit Insurance Corporation (FDIC) to protect depositors up to at least $250,000. Unlike all banks, however, Cambridge Trust is independent and has been for over 127 years. This means we answer to our clients first, never engaging in irresponsible lending practices or pushing the “product of the month” — and our reputation reflects that.
Still think a bank can’t be more than “just a bank”? Allow us to convince you. Visit Telma Salvador at our Kendall Square location, call 617-503-4002, or email firstname.lastname@example.org.