How To Find A Local Bank To Work With As An Investor With Henry Washington
Summary
TLDRThe speaker discusses a method for identifying local banks, particularly smaller ones, in a specific area like San Antonio. They suggest using Google to search for banks, then filtering out the well-known, large banks to find smaller, local institutions. These smaller banks are often characterized by fewer branches and lower deposit volumes compared to the billions held by larger banks. The process involves visiting the websites of these smaller banks to understand their typical operations and offerings.
Takeaways
- 🔎 Start by using Google to search for banks in a specific area.
- 📊 Filter out the big banks like Citibank and Chase to focus on the smaller ones.
- 🏛 Look for local banks with names like 'First Bank of [City]' or 'Third Bank of [County]'.
- 🌐 Visit the websites of these smaller banks to understand their typical deposit sizes and operations.
- 🏢 Small banks usually have only a few branches, which can be a distinguishing factor.
- 💼 Recognize that smaller banks may have significantly lower deposit amounts compared to the billions held by larger banks.
- 🔍 Identify credit unions as another source of local banking options.
- 📈 Pay attention to the scale of operations; smaller numbers indicate a smaller bank.
- 📝 Make a list of these local banks for further research and consideration.
- 🤝 Consider building relationships with these smaller banks for potential business opportunities.
- 📊 The script emphasizes the importance of distinguishing between large and small banks based on their operational scale and deposit amounts.
Q & A
What is the primary method mentioned in the transcript for finding local banks in a specific area?
-The primary method mentioned is to use Google and search for 'banks in [specific area]'.
How does the speaker suggest distinguishing between large banks and smaller, local banks in search results?
-The speaker suggests filtering out the big banks by recognizing the names of smaller banks, such as 'First Bank of [City]' or 'Third Bank of [County]'.
What types of financial institutions does the speaker recommend excluding from the search?
-The speaker recommends excluding large, well-known banks like Citibank and Chase.
What is the main characteristic of small banks that the speaker mentions to identify them?
-The main characteristic mentioned is that small banks typically have only a few branches.
How can one determine the size of a bank by looking at their website?
-One can determine the size of a bank by looking at the amount of deposits they usually handle, which will be significantly smaller for smaller banks compared to the billions for larger banks.
What is the purpose of filtering out large banks when searching for local banks?
-The purpose is to focus on smaller banks that may offer more personalized services or better terms for local customers.
Why might someone be interested in finding smaller banks instead of using the services of large, national banks?
-Some people might prefer smaller banks for their potentially more personalized customer service, local focus, or specific financial products tailored to the community.
What additional information can one gather from a small bank's website beyond just the number of branches?
-One can also gather information about the types of financial products and services offered, customer testimonials, and possibly community involvement.
How can the number of branches a bank has relate to its size and customer base?
-A smaller number of branches often indicates a smaller bank with a more localized customer base, as opposed to larger banks with a widespread presence.
What might be some challenges faced by smaller banks that the transcript does not explicitly mention?
-Some challenges might include competing with larger banks for customers, limited resources for technology and marketing, and potentially stricter regulations due to their size.
Is there any mention of credit unions in the transcript, and if so, how are they related to the topic of finding local banks?
-Yes, credit unions are mentioned as another type of financial institution to consider alongside small banks, as they also tend to be locally focused and offer personalized services.
Outlines
🏦 Finding Local Banks: Filtering the Big from the Small
The speaker explains the process of identifying local banks in a specific area, such as San Antonio, by using Google search. They suggest filtering out the well-known, large banks like Citibank and Chase by recognizing smaller banks often indicated by their names, such as 'First Bank of [City]' or 'Third Bank of [County]'. These smaller banks typically have only a few branches and can be differentiated by their smaller deposit amounts compared to the billions held by larger banks. The focus is on finding credit unions and smaller banks that may be more community-focused.
Mindmap
Keywords
💡Local banks
💡Filtering
💡Small banks
💡Credit unions
💡Citibank
💡Chase
💡Branches
💡Deposits
💡Billions
Highlights
Using Google to search for local banks in a specific area like San Antonio.
Filtering out big banks to find smaller, local banks.
Identifying small banks by their unique names like 'First Bank of Whatever City'.
Excluding large financial institutions such as Citibank and Chase.
Recognizing small banks by the limited number of branches they have.
Visiting the websites of these small banks to understand their typical deposit amounts.
Comparing the deposit sizes of small banks to the billions held by larger banks.
The importance of looking for smaller numerical figures to distinguish smaller banks.
The practical approach of using search engines to source local banking options.
The strategy of manually filtering search results to find the desired banking institutions.
The distinction between large and small banks based on the number of branches and services.
The role of bank names in indicating the size and scope of the banking institution.
The process of eliminating well-known large banks to focus on less prominent ones.
The insight that smaller banks may offer more personalized services compared to larger ones.
The potential benefits of engaging with smaller banks for certain banking needs.
The methodical approach to researching and selecting banks based on their size and offerings.
The emphasis on the need for detailed research when choosing a local bank.
The suggestion that smaller banks might be more community-oriented and customer-focused.
Transcripts
what do you do to find local banks like
how do you identify them like if you go
to san antonio on google and you just
type in like banks it's going to give
you all the big guys like how do you out
how do you source the little guys it
gives you everything right so it'll give
you the big in the little guys and so
literally that's what i do i just google
banks in that area and i start filtering
out all the big guys i mean you'll
you'll know the small banks that's the
like
first bank of whatever city that is or
you know you know the third bank of
whatever little county that is or right
yeah
those are the ones you want other credit
unions right the citibanks and the
chases and all that stuff get them out
of here but you'll know the small banks
when you see them and they typically
only have like a few branches and then
you can go to their websites and you can
see
like how much they typically uh
like having deposits or how much they
typically land that you know that those
are you know the big banks are in the or
in the are in the b's right in the
the billions and billions right so
you're looking for smaller numbers there
関連動画をさらに表示
Warren Buffett: A "Storm is Brewing" in the Banking Industry
The Office Real Estate Crunch!
Can you trust small banks with your savings?
First Citizens Bank $25,000 NO DOCS REQUIRED!
"The Fed Will Seize All Your Money In This Crisis..." - Jim Rickards' Last WARNING
Banks See Worst Deposit Crunch in 20 Years | Economy | GS 3 | UPSC CSE | StudyIQ IAS | IPS | IFS
5.0 / 5 (0 votes)