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Thread: Bank Branches Abandon Poor Communities

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    Bank Branches Abandon Poor Communities

    Most of these closings are taking place in poor communities. With new regulations, itís more difficult for banks to make money on overdraft fees, and itís possible that banks in poor communities rely on this type of revenue more than others. Banks are being replaced by payday loan storefronts and check cashing businesses, services that cater to the needs of poor communities, but are more predatory, more expensive, and more financially damaging to consumers and the community in the long run.
    Once again it is proven that overzealous regulations hurt the people that they supposedly protecting. What a ****ing joke.

    Bank Branches Abandon Poor Communities
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    Re: Bank Branches Abandon Poor Communities

    Quote Originally Posted by chevydriver1123 View Post
    Once again it is proven that overzealous regulations hurt the people that they supposedly protecting. What a ****ing joke.

    Bank Branches Abandon Poor Communities
    The objective was never to help people. It's all about control. You can't force people to bend to your agenda, if you don't have any control over them.
    Quote Originally Posted by Top Cat View Post
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    Re: Bank Branches Abandon Poor Communities

    Quote Originally Posted by chevydriver1123 View Post
    Once again it is proven that overzealous regulations hurt the people that they supposedly protecting. What a ****ing joke.

    Bank Branches Abandon Poor Communities
    What's the problem? Are you honestly suggesting that banks should be forced to serve communities where they're losing money? That's EGZAKLY what caused our housing debacle.
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    Re: Bank Branches Abandon Poor Communities

    Quote Originally Posted by MaggieD View Post
    What's the problem? Are you honestly suggesting that banks should be forced to serve communities where they're losing money? That's EGZAKLY what caused our housing debacle.
    Learn how to ****ing read! If you read the ****ing article you would see the part the reason why they are leaving is because of all the new cluster**** regulations that make it next to impossible to compete.
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    Re: Bank Branches Abandon Poor Communities

    Quote Originally Posted by MaggieD View Post
    What's the problem? Are you honestly suggesting that banks should be forced to serve communities where they're losing money? That's EGZAKLY what caused our housing debacle.
    His point is, the new regulations, that were designed to help people, caused the banks to start losing money, therefore forcing these same people to start using payday loan outfits that are worse than the banks.

    We're not talking about people buying houses, but rather poor people that need an extra hundred bucks to keep the lights from being turned off, because there was too much month at the end of the money.
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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    Re: Bank Branches Abandon Poor Communities

    Quote Originally Posted by chevydriver1123 View Post
    Once again it is proven that overzealous regulations hurt the people that they supposedly protecting. What a ****ing joke.

    Bank Branches Abandon Poor Communities
    Maybe there were so many bank robberies in those areas that the banksters got jealous that others were also ripping off the public.
    Last edited by danarhea; 02-27-11 at 02:25 AM.
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    Re: Bank Branches Abandon Poor Communities

    Quote Originally Posted by apdst View Post
    His point is, the new regulations, that were designed to help people, caused the banks to start losing money, therefore forcing these same people to start using payday loan outfits that are worse than the banks.

    We're not talking about people buying houses, but rather poor people that need an extra hundred bucks to keep the lights from being turned off, because there was too much month at the end of the money.
    The point is the new regulations were made to make sure the banks could not screw over people yet again, and now that they cant, then it is not profitable to be in the area.. and it also shows how little banks actually care for the communities they supposedly serve. They would rather give billions in bonuses to fat-cats instead of help the people...
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    Re: Bank Branches Abandon Poor Communities

    Let me get this straight, banks are unable to profit from illegitimate business practices such as overdraft fees and once-hidden credit card fees, and bringing those out into the open so people don't get preyed upon is bad because it's preventing the banks from exploiting poor people.

    Looks to me like this is a shining example of the legislation actually working, while at the same time showing the inherent limitation of legislative action.
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    Re: Bank Branches Abandon Poor Communities

    The article makes the statement that most closings are happening in poor neighborhoods, but offers no proof.
    As for banks being able to compete? If all banks are under the same regulations, how is it that any one bank can't compete with another?

    I have seen banks close branches in nice areas of town because they found that it is cheaper to rent space in a supermarket than have their own buildings. And once you have an account with a bank, what does it matter how far away it is? You can't go more than a few miles in any densely populated area without seeing bank branches in or out of supermarkets, not to mention ATM machines at every convenience store.
    I don't see a solid connection between bank branches closing/moving and the poor communities. The writer might just be interjecting his own bias.
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    Re: Bank Branches Abandon Poor Communities

    Quote Originally Posted by PeteEU View Post
    The point is the new regulations were made to make sure the banks could not screw over people yet again, and now that they cant, then it is not profitable to be in the area.. and it also shows how little banks actually care for the communities they supposedly serve. They would rather give billions in bonuses to fat-cats instead of help the people...
    So, instead of the banks screwing over people, poor people are left to deal with the even more carniverous-like payday loan companies with their 300% interest rates?

    Wanna take a stab at explaining to us how that's better?
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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