Banking services critical to neighborhoods
Last month, as you reported, the Tylerdale branch office of Washington Financial Bank was robbed. As your news story reflects, this isn’t the first robbery at this particular branch. The Observer-Reporter further reported that the bank is increasing security measures, which include a system requiring customers to swipe their bank cards in order to access the bank building. These are unfortunate but necessary measures that will ensure the safety of employees and customers, and enable the branch to remain open.
I commend Washington Financial Bank for their commitment to this neighborhood and the extraordinary measures they are taking to continue critical banking services to a low-to-moderate-income community, where a significant number of senior citizens live.
Far too often, when bank branches close in such communities, they are replaced by check-cashing companies, pawn shops, money order outlets and payday lenders which charge exorbitant interest rates and fees for services that are provided more affordably by banks. Neighborhood banking services are critical to the financial health of neighborhoods and to the families and individuals living there.
Community Action Southwest offers financial literacy and money management classes. We encourage families to open bank accounts in order to effectively manage their funds, begin saving, and work toward acquiring assets such as homes, so that they can build wealth over time. Washington Financial Bank is a strong partner and supporter of these efforts, and they recognize the importance of financial services being available for people at all income levels.
Darlene J. Bigler
Washington
Bigler is the chief executive officer of Community Action Southwest.