This weekend my 6 year old granddaughter and I stopped by a Wells Fargo bank branch in Annadale, VA. There we found a lobby filled with Americans happily doing, of all things, banking business. Over the course of a hour there must have been 150 customers opening accounts, starting college savings accounts, withdrawing cash, adding to IRA’s, applying for home repair loans, financing home mortgages, buying home and auto insurance, and obtaining small business loans.
My granddaughter was there depositing her piggy bank savings into her Wells Fargo ($25 minimum balance, and no fee) savings account she’s had for two years. It pays interest and she calls it her college fund.
Across the country, financial services providers are busy helping to finance the American economy. That lobby was a snapshot of this reality. It has been a rough few years but Americans continue to save, continue to work, and continue to live with their eyes on a better financial future. The banks are refining and changing to meet the needs of the customers. Financial services and the American consumer are inextricably linked—and if you walk into your local branch, I imagine you’ll find a similar scene.