By James Johnson
Seventh District Councilmember
Last week, the [Long Beach] Council discussed the importance of providing bank services to all communities in Long Beach, including minority and low-income neighborhoods.
Why does it matter? Simply put, making sure that all in Long Beach have access to traditional banking is not only the right thing to do, but also the smart thing to do.Â
Residents of West Long Beach and North Long Beach currently lack access to the banking services most of us take for granted and often have to resort to the predatory cycle of check-cashing and pay-day loan facilities, where effective interest rates can be as high as 533 percent or 792 percent. Residents have to travel miles away to conduct transactions as simple as depositing a check or withdrawing money from their bank account. Today, over 30,000 people live in West Long Beach and have no traditional banking services: no banks, no in-store services, no ATMs, nothing.  Â
By bringing banking services to West Long Beach, we can not only serve our residents better, but help revitalize our neighborhoods, thus increasing property values and therefore generating more property tax dollars to provide key services. Improving our neighborhoods creates additional funds to effectively repair our streets and sidewalks, keep our parks and libraries open, and protect public safety throughout the entire city. Thus, bringing financial services to all the communities in Long Beach is both the right thing to do and the smart thing to do; I will work hard over the coming years to make the vision of a city where all are served a reality. ß
