Big banks have to process huge numbers of loan applications every day. To do this efficiently, they approve or decline applicants based on a fairly rigid set of guidelines. Small banks are often more flexible when it comes to lending for two main reasons: You’re more likely to deal directly with a decision-maker, and small banks are more familiar with local market conditions.
Wells Fargo announced last year that it had discovered a total of 3.5 million fake deposit and credit card accounts registered to real customers, many of whom were charged hidden fees. It’s far from the first time big banks have engaged in shady practices — investor deception, mortgage and foreclosure abuses, and municipal bond bid rigging, just to name a few. Every bank is different, but it’s safe to say these kinds of practices are less prevalent in community banks.
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