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Wells Fargo & Co (NYSE: WFC) has announced equity investments in five Black-owned banks as part of its pledge of investing up to $50 million in Black Minority Depository Institutions (MDIs).
What Happened: The San Francisco-headquartered financial institution’s investments were aimed at two Georgia-based banks Carver State Bank in Savannah and Citizens Trust Bank in Atlanta plus First Independence Bank in Detroit, Liberty Bank in New Orleans and Unity National Bank in Houston.
This is Wells Fargo’s second round of investments in the MDIs. In February, the company announced investments in Broadway Federal Bank in Los Angeles, Carver Federal Savings Bank in New York City, Citizens Savings Bank & Trust in Nashville, Commonwealth National Bank in Mobile, Alabama, M&F Bank in Durham, North Carolina, and Optus Bank in Columbia, South Carolina.
Detroiters Without Bank Accounts Are Paying the Price For poor residents who can’t afford the fees or don’t trust banks, not having a bank account can actually cost them money. The pandemic has only exacerbated the challenges for unbanked families. Susan Tompor, The Detroit News | April 12, 2021 | Analysis
(TNS) Roughly 8.8 percent of households in metro Detroit haven t taken what financial experts call the first step toward economic inclusion.
They don t have bank accounts. And it s costing them big money to cash checks and borrow money outside the traditional banking system.
Need to cash your stimulus check? Call a local party store or check cashing store in metro Detroit and it could cost you around $60 to $100 just to cash a $1,400 stimulus check at some spots.
Roughly 8.8% of households in metro Detroit haven t taken what financial experts call the first step toward economic inclusion.
They don t have bank accounts. And it s costing them big money to cash checks and borrow money outside the traditional banking system.
Need to cash your stimulus check?
Call a local party store or check cashing store in metro Detroit and it could cost you around $60 to $100 just to cash a $1,400 stimulus check at some spots.
The bigger the check, the more money you re handing over if the fee is based on a percentage of the check s dollar amount.
Check cashing fees can be 6% or more in some local outlets. A $4,200 stimulus check for a family of three could trigger $252 in fees if the store has a 6% fee.
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DALLAS, March 15, 2021 /PRNewswire/ Comerica and the Comerica Charitable Foundation announced today a commitment to invest approximately $16 million in 2021 to support small businesses and communities impacted by COVID. This support is in addition to the $11 million in 2020 that was directed toward small business relief and nonprofits providing essential needs, such as food and supplies – as a result of the pandemic – in Comerica s footprint of Texas, Michigan, California, Arizona and Florida. As our communities persevere through the ongoing pandemic, we remain focused on supporting and partnering with organizations serving those disproportionately impacted by COVID-19, said Curt Farmer, Chairman and CEO, Comerica Incorporated and Comerica Bank. The pandemic has created unparalleled hardships for our communities, and we aim to help alleviate many of the challenges they face.
Comerica Bank Appoints Summer Faussette National African American Business Development Manager
By Sentinel News Service
Published March 10, 2021
Comerica Bank announced it has appointed Summer Faussette as its National African American Business Development Manager supporting its ongoing commitment to building strong relationships with African American business leaders, entrepreneurs and communities across all markets. These responsibilities are an extension of Faussette’s current role as vice president, External Affairs – Arizona.
Comerica National African American Business Development Manager, Summer Fausette. Courtesy Photo.
As National African American Business Development Manager, Faussette will collaborate with Comerica’s African American Business Resource Groups, Chief Diversity Officer Nate Bennett, and Chief Community Officer Irvin Ashford, Jr. on building external partnerships with African American nonprofit organizations across the bank’s national footprint.