Banking needs of low income residents

BUFFALO, N.Y. (WIVB) - The public is getting a chance to have their say about the banking system and how it meets the needs of low income western New Yorkers.

For many consumers, a bank is a financial necessity. But, many low-income or minority communities are undeserved by banks, and the State Banking Department came to Buffalo to find out how financial services can be improved.

Jane Azia chaired a hearing, held at True Bethel Baptist Church, for the state to evaluate Banking Development Districts, which are set up to reach out to undeserved and under-banked communities.

"This community has given up on portions of the county," said Rev. Darius Pridgen, of True Bethel Baptist Church.

Statistics indicate about one in four minority consumers lack banking services and of the 38 Banking Development Districts in New York, only four are in Buffalo.

Just last year, Key Bank pulled out of Broadway Market, consolidating services with another branch in the University District, leaving a M and T branch as the only bank serving the Buffalo landmark.

As the Banking Department was holding its hearing on serving more under-banked communities Key announced it is building four new branches in the outer ring suburbs, but is still considering two other new sites.

How do you get more banking services to undeserved areas? How about credit unions?