Newton Centre sure has a lot of banks

Such an outdated term. When I go to _my_ banking center for help with my accounts, I'm served by a "relationship manager."

I don't get the people who want to use a person for routine transactions. I appreciate being able to do things at a kiosk or online rather than dealing with a person whenever possible. It's faster and you know it's doing exactly what you're asking.

I go to post offices with the kiosk, and I'll be doing one of the few things it can't do, so I'll stand in the line, there's no one using the kiosk, and there are 12 people in front of me doing transactions the kiosk can do. But they want to wait in line instead? Same at the bank; there will be no line at the block of ATMs, and a bunch of people standing in line to do balance inquiries and cash withdrawals and things. And things they could have done on their landline or device/computer rather than going to a bank. Why?

Some years ago I sat next to a bak president on a flight and took the opportunity to ask why, in the age of online banking, do so many banks want to open empty branches in our towns & village centers. Her answer was a statement of the obvious. She said that banks don't make their money with transactions (many are shuffled to Asia and Indonesia).

They want to do mortgage lending and money management in affluent communities where the mortgage default rate is near zero. People still like convenience and will go into a branch to apply for a mortgage.

So where does that leave us in places like Newton where our villages are overrun with bank branches and whenever a shop cannot afford the rent and must leave, the landlord courts banks, who will often pay double what anyone else will pay. Remember Capitol One in Newton Centre? It rented for 10 years and never bothered to open up.

Can we do anything about it? We (the City) cannot tell property owners to whom they may or may not rent. However, there are some things that other communities have done that have greatly improved the situation. It all depends on the Municipality's willingness to act, or not.

Right after my conversation on the plane, I looked into who had done what and found some interesting things. I am sure even more things have been done as this was 10 years or so ago. One Newton-like community required all new banks and certain other non-retail (financial services, real estate offices, dental & medical, etc) .to go into anywhere but first floor retail, as first floor retail is what makes or breaks the walkability and pedestrian friendliness of a village.

Basement or second floor OK. First floor only by special permit, which had to show a need for the business on the first floor. Banks howled at first, then decided after a while they actually liked it, as the retail businesses brought more foot traffic to them than they could themselves attract, and they were allowed 400sf of first floor space for their ATM, which was all they needed.

Also, there had to be 150 ft of sidewalk separation between banks. Look at what we have now on, for example, Beacon Street between Centre and Langley Rd.

I brought this before the Newton Economic Development Commission and the Newton-Needham Chamber of Commerce and the idea was not acceptable and they . would not support it as restraining trade and unfairly targeting certain types of businesses.

Maybe today we are more open to some such ideas, which I would be happy to re-introduce if there is a more accepting atmosphere today. I am interested in hearing if the climate has changed.

Vicki Danberg
Councilor at Large, Ward 6
Newton Centre & Newton Highlands