Why You Should Bank Local

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Posted On: June 1, 2020 by Peoples Bank of Kankakee County in: General Personal Finances Saving

You’ve heard big banks advertise their services all over the world, but most consumers don’t realize all of the benefits that come with banking local. When it comes to customer service, banking fees, community commitment and ethical choices, banking local is the smart choice, and we’ll tell you why.

Great Customer Service

Because local banks have less customers than your average megabank, the employees have the chance to form deeper relationships with the people they serve.

Programs

Community banks have the ability to create unique and personal programs for their customers based on their needs. Big banks suggest they have more choices and services, but most local banks offer those exact services, too. At Peoples Bank of Kankakee County, we also offer a scholar program to invest in our youth, awarding $228,000 in scholarships to date. Another program our local bank sponsors is called the Splash program. In partnership with the local YMCA, life-saving swimming lessons are taught to second graders from Kankakee schools. We love supporting and improving the self-esteem of these young children in our community.

Ethical Standards

Because of the direct effect the employees’ behavior has on the community, local banks hold their employees to a very high standard. Local banks understand the policies of where they work, and they also invest in other small, local businesses.

Lower Fees

Fees, like the ones at ATMs, are becoming more common among megabanks and the prices are rising as time goes on. Research shows that local banks offer more free accounts to their customers as well as charge fewer fees compared to big banks. Talk to your local bank about what they offer and don’t pay for more than you need to!

Convenience

Megabanks, just like any big business, have lots of customers to help. You might find yourself with a question or concern but end up waiting on hold for hours. Local banks are dedicated to providing their customers with convenience and satisfaction.

Commitment to the Community

When it comes to giving back and charity involvement, local banks are there. At Peoples Bank of Kankakee County, giving back has been a core value of ours since our founding in 1962. As a customer, you can feel a sense of satisfaction knowing the business you support gives back and cares about others. We contribute nearly 5% of our profits back to the community that our customers call home. This has amounted to a total contribution of $70,934 in just 2019.

These often-unknown benefits of banking local are important for consumers to hear about. Community banks want what’s best for YOU. Contact us with any questions and take a step in the right direction by banking local today!

An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. We can cover your overdrafts in two different ways:

We have standard overdraft practices that are available after your account has been open for 30 days and as long as you maintain your account in good standing.
We also offer an overdraft protection plan, Overdraft Protection Sweep, a link to a savings account. It may be less expensive than our standard overdraft practices. To learn more, ask us about this plan.

This notice explains our standard overdraft practices.

What are the standard overdraft practices that come with my account?

After your account has been open for 30 days and as long as you maintain your account in good standing, we do authorize and pay overdrafts for the following types of transactions:

Checks and other transactions made using your checking account number
Automatic bill payments

We do not authorize and pay overdrafts for the following types of transactions unless you ask us to (see below):

ATM transactions
Everyday debit card transactions

We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction.

If we do not authorize and pay an overdraft, your transaction will be declined.

What fees will I be charged if Peoples Bank of Kankakee County pays my overdraft?

Under our standard overdraft practices:

We will charge you a fee of up to $30 each time we pay an overdraft.
The maximum daily overdraft fee per presentment or item paid using the Overdraft Reserve Program is $150.00 per day.
No per item handling fee will be charged on de minimis overdrafts. De minimis overdraft for this policy means transactions that overdraw your account by $30 or less.
There is an overdraft fee of $5 per day that will be charged beginning the 4th consecutive business day your account is overdrawn.

Nonsufficient funds (NSF) fees - if an item drafted by you (such as a check) or a transaction you set up (such as a preauthorized transfer) is presented for payment in an amount that is more than the amount of money in your account and we decide not to pay the item or transaction, you agree that we can charge you an NSF fee for returning the payment. Be aware that such an item or payment may be presented multiple times by the merchant or other payee until it is paid, and that we do not monitor or control the number of times a transaction is presented for payment. You agree that we may charge you an NSF fee each time a payment is presented if the amount of money in your account is not sufficient to cover the payment, regardless of the number of times the payment is presented.

PAYMENT ORDER OF ITEMS - The law permits us to pay items drawn on your account in any order (for purposes of this section "items" means checks, orders and electronic transactions). To assist you in handling your account with us, we are providing you with the following information regarding how we process those items. When processing checks and orders drawn on your account our policy is to pay lower numbered checks and orders in numerical sequence, but electronic transactions are paid first in the order received. The order in which items are paid is important if there is not enough money in your account to pay all of the items that are presented. There is no policy that is favorable in every instance. If the smallest items are paid first, you may have fewer NSF or overdraft fees, but the largest, and perhaps more important items (such as rent or mortgage payments) might not be paid. However, if the largest items are paid first, your most important items might be paid but it may increase the overdraft or NSF fees if funds are not available to pay all of the items. We think our policy attains a reasonable balance between minimizing additional costs to you and paying your more important items. We encourage you to make careful records and practice good account management. This will help you to avoid creating items without sufficient funds and incurring the resulting fees.

What if I want Peoples Bank of Kankakee County to authorize and pay overdrafts on my ATM and everyday debit card transactions?

If you also want us to authorize and pay overdrafts on ATM and everyday debit card transactions after your account has been open for 30 days, you may opt in.

You have an ongoing right to change this consent at any time. If your overdraft privilege has been revoked for any reason, the opt-in or opt-out selection may not apply. Please contact your nearest office for more information.

Alternate ways to Opt In/Out or make changes:

By Phone. Our Customer Care Representatives can be reached at 815-936-7600.
By Mail. Peoples Bank of Kankakee County, 333 E. Court Street, Kankakee, IL 60901
In Person. Please visit your local office and ask a representative to help you decide which plan is best for you.