US Bank gears site to LGBTQ+ community
Central Avenue branch offers special invite
From the outside, and even the inside, a U.S. Bank location just north of downtown Phoenix doesn’t look all that much different from any other branch in the company’s network. There is some subtle rainbow-themed signage on the windows, plus interior artwork that includes a collage with a same-sex couple.
The bank branch, however, places a special emphasis on welcoming LGBTQ+ people. Staff members represent and understand the community’s needs, according to the bank. Anyone can bank at the branch, but the company is offering a special invite to members of the LGBTQ+ community.
“It is subtle, but if you’re not used to seeing anything, it makes a big difference,” said Dom Sims, a U.S. Bank regional leader focused on the LGBTQ+ community.
Bank works to appeal to specific communities
The location at 3800 N. Central Ave. is U.S. Bank’s first branch in Arizona focused on LGBTQ+ people, but the company operates 10 other locations around the nation focused on specific communities.
In addition to LGBTQ+ people, branches are geared toward Black people, military personnel and veterans, and Asian Americans, Hawaiians and Pacific Islanders. All of these branches are in the Los Angeles, San Francisco, Chicago or Seattle areas. U.S. Bank is planning to open more branches focused on particular communities, including those focused on Latinos.
U.S. Bank has been operating the Central Avenue branch since 1999. The company evaluated the needs of the LGBTQ+ community before transforming the branch, which Phoenix Mayor Kate Gallego visited this week as part of a quick tour offered by company executives.
“I love it that anyone can feel welcome in this branch,” she said. The branch’s proximity to the Melrose District several blocks to the west, with its many businesses oriented to LGBTQ+ people, was cited as a factor in giving it a community focus last year.
A few other banks also have opened branches targeted to subgroups, though most focus on Latino or Black
customers. However, Chase does have a branch in the Greenwich Village section of New York City, featuring rainbow awnings, that’s located around the corner from the Stonewall Inn, the site of a 1969 riot that marked a turning point for LGBTQ+ rights.
The U.S. Census Bureau estimates that 8% of the population belongs to the LGBTQ+ community. A Gallup survey cited by U.S. Bank estimated that bisexuals account for 57% of this group, gay men 21% and lesbians 14%, with transgender people and individuals of other sexual orientations or gender identities making up the rest.
Many of the same financial concerns
A U.S. Bank report issued in 2022 found that LGBTQ+ people reported financial achievements and progress similar to, and in some cases better than, the non-LGBTQ+ population.
For example, 69% of the LGBTQ+ people surveyed reported that they manage their debts well or have no debts at all, compared to 67% of nonLGBTQ+ respondents. Also, 60% of LGBTQ+ people reported having good credit scores, compared to 52% of nonLGBTQ+. LGBTQ+ people were also slightly more likely to own a home, openly discuss financial matters with others and feel comfortable taking financial risks.
Still, the report cited some situations that a dedicated branch might be better equipped to address.
“Transgender and nonbinary people face unique challenges when interacting with financial institutions,” the U.S. Bank report said. “Having to utilize an incorrect name or gender while carrying out financial transactions is dangerous for transgender customers, and changing those things on financial accounts can be a costly, difficult process that often requires legal paperwork.”
Even when banks allow people to use their chosen names on accounts or cards, according to the report, bank databases sometimes don’t update the information throughout, meaning transgender people might see their former names listed, which can prove unsettling, or hear them spoken, which can be potentially dangerous.
When a transgender person is conducting bank transactions online, there’s little risk the use of their former name will out them to other people, but in-person transactions are a different story, the report continued. Other customers might hear and put the transgender customer’s personal safety at risk.
Name changes can also affect credit scores. “When people change only their last name — a common practice in marriages or divorces — credit reporting agencies automatically update their credit file,” U.S. Bank said in its report. “However, when people change both first and last name, they often experience a drop in their credit score, signaling a built-in industry bias that works against financial equality for trans people.”
Estate planning another focal point
Another relevant financial issue involves estate planning, which includes instructions for transferring assets and property to others at death. “Creating a robust, ‘bulletproof’ estate plan can be an important measure for LGBTQ+ persons,” as unsupportive family members might try to block their intentions, said J.P. Morgan in a report.
Working with attorneys, J.P. Morgan suggests LGBTQ+ people include “no contest” clauses, clear beneficiary designations and medical letters attesting to a person’s state of mind when they drafted the plan. These can be wise precautions for anyone.
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