1. Maryland Consumer Rights Coalition
Securing Older Adult Resources (SOAR): A Community Impact Report
Age Friendly Banking Roundtable
January 15, 2015
Federal Reserve, Bank of Richmond
Marceline White
Maryland Consumer Rights Coalition

2. Goals of SOAR Report
Help older adults and the public understand the range of products and services that meet the needs of older adults
Allow banks to compare their offerings with other banks
Offers policy recommendations on new ways financial institutions can meet the needs of older adults and meet the banks CRA requirements.

3. Methodology
Modeled on New Haven Community Impact report which assesses banks products, services, and lending
MCRC adapted the New Haven model to assess how Baltimore area banks meet NCRC’s 6 Principles of Age- Friendly Banking
Focus on Accessibility, Products and Services, and Protection from Financial Abuse

4. Methodology
Assessed banks with at least 1% market share in Baltimore City and Baltimore County
Data for market share from FDIC June 2012
To determine what issues were of greatest concern to older adults, surveyed and conducted focus groups with a total of 210 older adults (June-Sept. 2013)
48% of those surveyed between 65-74, focus group range
75% of those surveyed were women, 60% of focus group were women

5. Why Baltimore
Report focused on Baltimore Area (City and County) because of our desire to focus on LMI individuals
Focused on banks, did not include credit unions because of resource constraints
Older adults living below the poverty line represent 17.55% of the population of Baltimore City
Minority older adults living in poverty comprise 12.45% of the city’s population

6. What Baltimore Area Older Adults Want from Banks
Survey Findings
What Baltimore Area Older Adults Want from Banks
Access to bank branches is important. Also electronic doors, seats in bank branches. Brick and mortar important.
83% said location of ATMs is important. Most don’t bank online but would welcome banks training them to bank online.
86% interested in senior checking and savings accounts, low fees.
71% interested in banks helping older adults help them see if they quality for additional benefits and credits.
17% percent had been victims of fraud, but 56% did not know if their bank provided education on fraud prevention.

7. Products and Services Grade
Summary of Findings
Bank
Accessibility Grade
Products and Services Grade
Overall Grade
M&T B- B
PNC
Rosedale Federal C- A-
SunTrust B+
Bank of America C+
Wells Fargo C
First Mariner
Susquehanna
First National D+
BB&T

8. Findings
Accessibility-National banks score higher on access, they have more bank branches, ATMs, longer call hours.
M&T had the most bank branches (59), the most branches within a mile of senior centers (26), the most branches open on Saturday (54) and was one of two banks (SunTrust is the second) with two branches open on Sundays. M&T also had the most ATMs and the most ATMs near senior centers.

9. Findings Products and Services
Regional Banks offered more Senior-Friendly Products and Service such was no-fee, or low-fee checking and savings
Rosedale Federal’s no-fee checking and savings accounts helped it earn the top ranking
Low-ranked Bank of America ($12/month for checking, $5/month for savings)
Wells Fargo ($9/month for checking,$5/month for savings) charge relatively high fees for basic checking and savings accounts.

10. Policy Recommendations
Keep bank branches open in LMI areas, find innovative ways to deliver banking services-use libraries, senior centers-Pony Express
Look at view-only or other products to protect older adults.
Offer more no-cost or low-cost checking and saving accounts
Offer training to older adults to teach them to use online banking
Adding services like free bill-paying to help older adults
Partner with nonprofit advocates, legal service providers, and others to educate older adults about ways to protect them from financial fraud.

11. Questions or more information, contact Marceline White
Thank You
Questions or more information, contact Marceline White