Advantages of Banking with a Community Bank

Norm Plumstead

 

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The Advantages of Banking Locally at Honor Bank…Let me count the ways

One of the greatest advantages of a community bank is personal service. Because community banks actually help their communities grow and thrive, they sincerely care about the welfare of those in their communities. Individuals, families, and businesses are all important to a community bank — because when they succeed the community succeeds.

100 years of personal service

Celebrating 100 Years of community banking this year, the foundation of Honor Bank has always been to offer customers a community bank they can trust to take good care of them and their money, and to do what’s right.

Honor Bank is a community bank in the truest sense.  We have formed long-standing relationships with our customers often across several generations. We have an Honor Code that continues to cement the foundation of our bank and in our communities.

Your financial needs are always our main concern because we take the time to get to know you, learn about your lifestyle, and grow with you through all of your life stages. We see you as a unique individual with specific needs, so we provide individual solutions to help you lead a financially successful life. You can trust your community bank to help you save and budget for your future, too.

Checking that pays you!

Kasasa banking is all about helping you save money.  Honor Bank’s Kasasa checking accounts are exclusively available at community banks. So even though community banks offer many of the same products and features as other, bigger banks, Kasasa helps Honor Bank stand out because we will pay you to bank with us. Coupled with the personal touch only a community bank can offer, it’s a win-win!

All Kasasa accounts are free*, have no minimum balance requirements, offer nationwide ATM fee refunds, free online banking and great rewards. E-statements are a condition of all Kasasa Banking.

Community banks also offer loans for every stage of life and business, including home mortgages, business loans, lines of credit, home equity loans, auto loans, and many other secured and unsecured consumer loans.

Equally important, Honor Bank has all the digital services needed so you can bank in person or on the go. With Honor Bank’s Instalink services, you bank at your convenience anytime, anywhere.

Another unique feature of community banks, and Honor Bank in particular, is that we use local deposits to provide loans to the individuals, families, and businesses in our communities. Everything we do stays in our communities. This isn’t the case when banks are headquartered in Ohio, New York or any other state.

Happy Birthday to us!

Community banks support communities.  Schools, basic need organizations, the arts, and awareness groups are just a few of the entities that community banks support. Community banks feed their communities with hope for a better tomorrow.  And community banks are always at the forefront of the support needed. Look around your community and fundraising events and you’ll most likely find a community bank.

Honor Bank Employees volunteer at the Library

One way Honor Bank is celebrating our 100 Year Anniversary is by “Giving Back to Our Communities.” Honor Bank employees have selected 10 non-profit agencies located in our branch office communities. Each month Honor Bank will have an Agency Spotlight. Employees and customers will be asked to donate a particular material/good needed by the agency to help the community. Our goal is to collect 100 of the needed items (e.g., 100 canned goods). In addition, employees will each donate – on average – 100 minutes of their time per month to the selected agency.  What better way to celebrate a huge milestone than to give back to those who so generously support us?

Your success is our success

The successes of Honor Bank are closely tied to the successes of the local communities that we serve. The more the community prospers, the more Honor Bank benefits, the more everyone benefits. This is why Honor Bank is involved in our communities. Unlike big national banks, the very existence of Honor Bank is to serve the local communities where we operate.

Other advantages include lending flexibility and local decisions. Honor Bank offers more commercial loans than the big banks in the Traverse City area; rates on car loans are more competitive, too.

Small businesses, which create the majority of new jobs, depend heavily on small, local banks for financing. Although small and mid-sized banks control less than one-quarter of all bank assets, they account for more than half of all small business lending. Big banks, meanwhile, allocate relatively little of their resources to small businesses.

Honor2.jpgLoan approvals and other key decisions are made locally by Honor Bank; by those of us who live in the community, who have face-to-face relationships with our customers, and who understand local community needs. Because of our personal knowledge, Honor Bank is able to approve small business and other loans that big bank competitors would reject.

 

Where does your bank ceo live?

Finally, if you ever wonder if your bank is a local community bank, here’s a simple test: Ask where the bank’s president and CEO lives. If he or she lives in the community, and not another state, and you can actually talk with him or her, see them participating in your community, dining in local restaurants, attending community functions, etc. – chances are your bank is a community bank. Call Honor Bank’s Mike Worden and see where he lives…here’s a great clue…it’s in Northern Michigan. That’s a huge advantage!

Community banking is vital to the well-being of the Northern Michigan economy. Visit your 100-old-bank today for the greatest advantage of all…a friendly hello with the personal service to help you lead a financially successful life.

 Learn more about Kasasa Saver


Here are all the good things to know about Kasasa Banking!
*When your Kasasa Cash account qualifications are met during a Monthly Qualification Cycle,

  • Kasasa Cash: An interest rate of 1.99% will be paid on the portion of your daily balance that is less than or equal to $10,000 and the non-compounding annual percentage yield* for this tier is 2.01%. An interest rate of 0.26% will be paid on the portion of your daily balance that is greater than $10,000 resulting in non-compounding annual percentage yield for this tier ranging from 2.01% to 0.41%, depending on the account’s balance and
  • Kasasa Saver: An interest rate of 0.9954% will be paid on the portion of your daily balance that is less than or equal to $100,000 and the annual percentage yield for this tier is 1.00%. An interest rate of 0.26% will be paid on the portion of your daily balance that is greater than $100,000 resulting in annual percentage yield for this tier ranging from 1.00% to 0.63%, depending on the account’s balance

When Kasasa Cash qualifications are not met,

  • Kasasa Cash and Kasasa Saver accounts: the interest rate paid on the entire balance will be 0.03% with a non-compounding annual percentage yield of 0.03%.

APY = Annual Percentage Yield and are accurate as of 3-24-2017. APY calculations are based on an assumed total account balance of $210,000.

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