It is a bank with assets or deposits of $1 billion or lower. While there are small numbers of community banks with higher assets, the majority have far smaller assets. Unlike the other big banks, community banks are institutions owned and operated locally. This means that customers can get a more personalized service while lending decisions are made by people who understand the unique challenges of the particular community.

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Related ChexSystems Banking Information:

1. Independent Bank
2. Managing Your Checking Account — Avoiding Bank Fees
3. How Your Checking Account Works
4. Seven Situations for which you need a Business Bank Account
5. Bank Wire

Tagged as: Community Bank, institution