Another New Bank…
9 06 2009This is the construction going on in Tenleytown along Wisconsin Ave for a new TD Bank branch. You may remember that this was the site of the old Outer Circle Cinema, which depending on who you ask was an old run down theater, or a great community Cinema house. Doesn’t it seem like just about the only new businesses that can afford to open up right now are banks?
Does this area of town really need another bank?
[Photo: DigiallyDC]
If we taxed banks the same way we taxed other stores, there wouldn’t be so many of them.
I can’t believe people still actually go to banks anymore.
For almost 10 years now I’ve done almost all my banking online, through electronic transactions, and thru the mail. I have to stand in line for a teller maybe 2 or 3 times a year.
Please stop attacking banks!
Banks are not the horrid, wretched or greedy entities that this blog and commenters describe. Indeed, quite the opposite. Any decent urban design student would tell you that banks in a neighborhood are good.
Why?
1. Banks only open where the GPD per capita in the neighborhood is good (at or above norm). ATM’s are the greatest tell for this - the more ATM’s in a neighborhood, the higher the disposable income. No ATM’s? Good chance you’re surrounded by Section 8 housing.
Ever notice how there aren’t banks in a city’s worse-off neighborhoods? It’s because the concentration of poverty is so great that the bank could not amass enough reserves (checkings/savings) to lend and spur wealth creation.
This leads me to the more important part.
2. Banks provide local liquidity!
This means people (typically lower income) can cash checks. (Higher incomes correlate with more electronic means of deposits and transfers) and more importantly give loans to small businesses. Yes, the bank usually isn’t the only store on the block and for good reason.
Local branches like to give local loans to spur development and wealth creation. Moreover, those pesky business that give people jobs and make neighborhoods vibrant like being able to walk a few blocks for their larger transactions.
Yes, I agree … the economy sucks, and I think it might be cooler if a bunch of bookstores opened. Till then, be happy banks keep opening up shop in the city. It will pay off when credit markets thaw.
What a waste to put a small bank, with drive-thru on such an underutilized parcel on a busy street. That should have been a 5 story mixed-use residential, first floor retail development.
Branch banks are a total waste of time, energy, resources, materials, land and money.
Since everybody seems to hate banks can we at least get reasons why.
1 They provide jobs
2 Offer many different banking choices
3 People don’t have to drive wherever to get to there bank
So tell me what is exactly wrong with them, everywhere needs banks; or would yall rather have one bank with no alternatives
Just counted the number of bank branches within walking distance of this location… it’s 41 (according to google maps), I think we have more than enough, the question wasn’t do we need/like banks, it was do we need more… the answer is no!
I don’t think I understand Wills’ argument.
1. Banks open up in places with a relatively high GDP. Good on them. But they aren’t responsible for this factor.
2. They provide liquidity to lower income people (but of course don’t actually open in the primarily lower income areas).
The only argument that makes any sense is the suggestion that branch banks provide smaller, local loans to local business. Is there any support for this contention? I thought TD’s lending decisions would be made somewhere other than the branch.
In any event, just as an over emphasis on buying and selling each other homes was detrimental to our economy, an over emphasis on branch banks will degrade the vibrancy of a neighborhood (despite the various good attributes of any individual branch bank).
@ Mic are there any branches of this said already there? If no they should come to provide for there customers if yes they should not be there than.
After much neighborhood opposition they decided to go ahead and build this bank and to build it big. It is SO in your face and offensive to the neighborhood. It kind of says “yeah, not only are we here in your little neighborhood, but we are HUGE! F everyone!” Please boycott TD bank.
Alexa– google maps is obviously not a good source. I have TD Bank and I can tell you the only places within ‘walking distance’ are ATMs, no actual banks. There are some of us who still need to go to banks. I’m personally happy they are building one so close. I don’t have to take the metro anywhere to go to my bank now.
& n– people are not going to boycott a bank. Save your breath.
I work for TD Bank and the people of Tenleytown should be happy to see us since we are the safest bank in North America. We are lending! and we are here for you 7 days a week! No bank compares to us. JD Power Award 4 years in a row. We didn’t take TARP Money from the Gov’t and we have no sub prime debt. There is no reason to bank anywhere else.