Topic 3 DQ 2

Locate at least two banks in your region and research the services they offer to customers. How
do these banks compare with the current bank that you use? Would you consider switching to a
new bank based on your research or on another contributor's research/input? Why or why not?
Be specific.

Two local banks in my area that are competitors are Citizens Farmers Bank and Citizens Bank of
Eldon and Versailles. Both banks are small town, local banks with limited branches.
Citizens Farmers bank offers customers 3 different types of checking accounts, money market
accounts, savings, CD’s, IRA’s, business accounts, and numerous loans including consumer, real
estate, construction, agriculture, auto, farm, and commercial loans (CFB,2021). CFB also offers
their customers services such as safe deposit boxes, electronic banking, ATM and Debit cards,
gift cards, credit cards, online bill pay, mobile deposits, and e-statements. The interest rates are

m
er as
pretty standard compared to nearby financial institutions.

co
eH w
Citizens Bank of Eldon and Versailles offers their customers 4 different types of checking
accounts, money market accounts, savings, CD’s, IRA’s, Health savings, business accounts, and

o.
numerous different loans including real estate, farm, agriculture, personal, debt consolidation,
rs e
residential, commercial, home improvement, and auto loans (CBE, 2021). CBE offers customers
ou urc
safe deposit boxes, online baking, online bill pay, e-statements, ATM and Debit cards, and gift
cards. The interest rates are the same as every other financial institution within 50 miles.
o

An important feature between these two would be CFB is the only financial institution in this
aC s

area that offers their customers a free checking account. CBE and other financial institutions
vi y re

charge their customers a set monthly fee for their checking accounts. Another difference would
include overdraft fees. CFB charges $20 per overdraft, while CBE charges $30. Wire transfer
fees at CFB are $15, whereas CBE charges $25. Stop payments are $15 at CFB and they are $25
ed d

at CBE.
ar stu

I have been banking with CFB for years and love their customer service and the services that
they offer their customers. There are three branches that are conveniently located. Each branch
offers small town atmosphere and hospitality. Employees go above and beyond to help their
is

customers. I have no intentions of switching to another financial institution because of these

reasons. I am also a little biased because I work at CFB, but I also get to see the customer service
Th

and customer experience firsthand on a daily basis.

sh

Citizens Farmers Bank (CFB). (2021). Citizens Farmers Bank. Retrieved from
https://www.citizensfarmersbank.com/
Citizens Bank of Eldon and Versailles (CBE). (2021). Citizens Bank of Eldon and Versailles.
Retrieved from https://www.cbeldon.com/

This study source was downloaded by 100000786484738 from CourseHero.com on 09-09-2021 12:57:29 GMT -05:00

https://www.coursehero.com/file/98678233/Topic-3-DQ-2docx/
Powered by TCPDF (www.tcpdf.org)