27-02-2025
House Bill 187 could limit banking deserts in Eastern NC
PITT COUNTY, N.C. (WNCT) — Many areas in Eastern N.C. are considered banking deserts. Not having a bank nearby can have a negative impact on your financial health.
Now, there is a bill floating around the state legislature that could help.
Rural and underserved communities become banking deserts and can cause people to travel miles for basic services. These are just some of the counties in Eastern North Carolina that have lost banks in the past 10 years. House Bill 187 would help eliminate barriers for credit unions to help these communities.
'It becomes more expensive for folks in those communities to borrow and then, of course, on this on the savings side, where you save your money, where you have help with investment funds, those options don't really exist,' President and CEO of Carolinas Credit Union League Dan Schline said. 'Or you have to sort of drive a significant distance to get there. So there's a real impact to communities when there's not a physical bank or credit union branch. It might not be the most profitable branch or it may not be profitable at all, but the folks in that community need that service and as a not for profit credit union, we're structured in a way that allows us to do that, that help.'
The bill would make it easier for people in these areas to join a credit union. Credit unions are not for profit, unlike banks.
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