The information as to Negro deposits, sought by the Commission, was provided by seven trust and savings banks, three state banks, two national banks, and one trust company. These were able to isolate and check up their Negro deposits. One of the banks had $1,500,000 on deposit for Negroes; another $1,000,000. Still another had 4,000 Negro depositors. A state bank had $650,000 on deposit for Negroes, another $150,000 and one of the national banks had $47,000.
The average deposits of the Negroes are not so large as those of all the depositors. The comparison, however, reveals a fair proportion when it is considered that there are many very large individual depositors and business houses among the whites. This is how the amounts run, by institutions:
| Average Individual Savings Balance (White and Negro Combined) | Average Individual Balance (Negroes Only) |
|---|---|
| $125.00 | $ 50.00 |
| 108.88 | 66.76 |
| 545.00 | 332.00 |
| 400.00 | 200.00 |
| 120.00 | 60.00 |
| 235.00 | 100.00 |
| 125.00 | 10.00 |
| 196.00 | 105.00 |
| 186.82 | 300.00 |
| 230.00 | 186.00 |
It was the almost unanimous report that Negroes are more likely to withdraw their accounts than are white people, that their accounts are less permanent. In two instances only was the opinion expressed that they were about the same with both races.
Accompanying the questionnaire to banks was a list of questions concerning real estate loans. One of these was: "Does your bank make loans to Negroes on real estate, collateral, commercial paper, or personal notes?" All except one of the trust and savings banks replied in the affirmative. One of the state banks buys commercial paper on proper security, but not real estate loans because of the difficulty in selling them. One of the national banks buys commercial or collateral paper on its merits, without regard to color. Indeed, it appears that no color line is drawn in this line of business except by the few institutions that decline all loans to Negroes.
In general it was found that the Negroes are showing strong tendencies to open bank accounts, that they are steadily improving in the amount of deposits made, in the steadiness of their accounts, and in thrift in general. However, it appears that in only a few of the banks are they welcomed and in most of them they are only tolerated. In banks located in neighborhoods in which Negroes live there is an amazing number of Negro depositors, who receive, as a rule, friendly advice and help in their financial transactions. Thus Negroes are taught banking formalities, while thrift is encouraged, and a good spirit is developed among the white employees toward Negro depositors. In some instances, however, Negroes, like their white brothers, show suspicion of banking institutions when they have suffered losses.
It appears also that, in addition to the growing desire to invest in homes of their own, Negroes are showing a strong tendency to engage in business ventures. They are developing insurance companies, co-operative stores, retail stores of various kinds, and kindred enterprises.
Negroes' lack of opportunities for banking experience.—In order to carry forward successfully their business undertakings Negroes need practical personal experience and training in banking and financial methods. Yet there is a strong tendency to bar Negroes from employment in banks, except as porters or in some unskilled capacity, and they are thus denied the experience needed in solving financial problems among their own race.
Bankers were asked: "If Negroes competent to learn practical banking were available, could you employ them?" Here are some of the condensed replies:
1. Other employees would refuse to co-operate with them and associate with them.