- Translations in the field of Finance
Direct banks vs. local banks - what you should consider when investing
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The bank - service isn’t free
The first choice of most investors will certainly be their local bank. Essentially, this isn’t a bad idea. At his/her local bank, an investor has the advantage of being able to make an appointment with a consultant. This is when the essentials are clarified to the investor: which costs he/she should expect, the rates to keep an eye on, etc. This provides security - especially for a newcomer to the securities trade. You can also count on help should any questions or difficulties arise during the course of trading.
However, banks charge for such services. Often enough, there is an issue surcharge for a consultation alone. The next disadvantage has to do with the selection. Most conventional banks have consistent partnership contracts with companies and mainly want to offer their securities. There are also foreign stocks or funds as well, however they are mostly at a higher price.
The direct bank - a wide selection and low costs
A direct bank strongly focuses on economizing. For the user, this means the elimination of superfluous costs. You can save a lot of money this way. There are no surcharges, the selection of securities is much larger, and the custody fees are quite low, sometimes even nonexistent. Most savings are in service, due to the lack of it. Direct Banks are similar to discount stores. You are welcome to ask questions, but shouldn’t expect to receive technical answers. These banks do not offer consultation or assistance. Investors are mostly left to fend for themselves. The bank workers are merely intermediaries between the investor and the stock market. Even the means of communication has been simplified. There is no direct contact by phone or writing. Contact is mostly kept to short statements in the form of fax or email.
Summarizing the comparison
Regarding the question of which is better, the local or direct bank, there is no clear answer. Both are certainly good. Just because a direct bank doesn’t offer service does not make the workers stupid or the securities bad. On the other hand, a local bank may offer an abundance of services, but is considerably more expensive. Anyone faced with choosing between the two must first take into account his/her personal circumstances. Beginners will undoubtedly need a helping hand. They have yet to learn the basic rules for trading stocks. With its comprehensive assistance, the local bank is most likely the better choice for beginners. On one hand, winnings will be somewhat negatively affected, but on the other, the danger of losing everything is comparatively low. On the other end of the spectrum, anyone who has a keen sense for stocks and knows the rules behind trading will do well with a direct bank. With high savings on costs, potential gains become much larger.
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