Despite housing Wall Street, a notable hub for global banking, nearly 13% of New York City households do not have a primary bank. This rate is surprisingly twice that of the national average. In fact, over half the residents in at least two Bronx neighborhoods were identified as “unbanked”. This term describes individuals without any existing relationship with a banking institution.
Scott Stringer, the city’s comptroller, stated in a release, “Our study underscored the challenge New Yorkers face when attempting to open their first checking account — a plethora of available options can create confusion. Also, the neighborhood bank might not always offer the best value.”
Stringer’s report emphasized, “Being unbanked or underbanked can significantly impact one’s economic situation.”
For more information, visit CBS MONEY WATCH.
