Despite being home to Wall Street, a major center for global finance, nearly 13% of households in New York City don’t have a primary bank account. This figure is twice the national average. In particular, more than half of the residents in at least two neighborhoods in the Bronx are considered “unbanked,” meaning they don’t have any relationship with a bank.
Scott Stringer, the city’s comptroller, highlighted that New Yorkers often face challenges when trying to open their first checking account. The wide range of options can be confusing, and the local bank may not always provide the best value.
Stringer’s report pointed out that not having a bank account, or being underbanked, can have serious negative effects on one’s financial situation.