25 Jul 2022

What are the disadvantages of commercial banks?

Non-Bank Lenders Risks

A large commercial bank has its advantages and disadvantages to consider before applying and using its services. While most commercial banks are easy to use and convenient because of the many public services and products provided, there are some drawbacks like long waiting lines, call centres and confusing answers.

Most complaints from commercial bank customers and clients are that solving problems can take weeks, if not months! There is a big problem with large commercial banks, especially ones that are large enough that they have over 10+ physical locations. The larger a company grows, so do the problems and client lists.

Since there are so many customers, when a problem goes wrong, all these same clients run to their phones to schedule appointments or speak to a representative. Usually, large businesses and banks use international call centres, which can be frustrating and hard to understand.

Another disadvantage is that commercial banks are usually expensive, especially to leave. Be careful if you are considering closing your bank account. There may be hidden fees you have to pay to exit the services and maintain the account. Speak to a banker for more information.

Commercial Banks Disadvantages

Hopefully, these disadvantages did not scare you away from using commercial banks. Usually, commercial banks provide free or low-cost services. Mortgage House is a non-bank lender with dozens of lending options and unique packages and our representatives are just a call away!

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