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Mon June 20, 2011
"Unbanked" Consumers at Greater Risk for Theft
New research shows getting so-called "unbanked" people into the formal banking system can be good for the community. Alejandro Sanchez works for the Latino Credit Union in Durham. He says the study from the University of Virginia listed several advantages to bringing banking to previously unserved areas.
Alejandro Sanchez: "The individual gets benefited with saving their money and getting interest, but the community gets benefited because the value of properties increase around the areas in which credit union branches establish so that obviously benefits not only the members, but the outside community and then the rate of robberies decreases."
Sanchez says Latino Credit Unions are growing quickly in the state, serving 55,000 members.