Bank Transfer Day with all its attention on high fees may have come and gone but the kickoff this month for a locally sponsored campaign in Rapid City, S.D., against payday lenders is drawing new attention to the efforts of credit unions and community banks to aid the underserved.
But, city leaders say, it remains to be seen what impact the "Bank on Rapid City" venture will have in reducing payday dependence. The Dakota venture is modeled after a League of U.S. Cities initiative which got its start in San Francisco and is now in 50 cities.
"We have been doing the preparation and the financial training for nearly a year now and it just so happens" the launch by the city's Community Development Division came in the midst of the Bank Transfer Day media blitz, said Barb Garcia, coordinator for Bank on Rapid City.
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