Report: Bronx residents are most 'unbanked'

A report released Thursday by the Department of Consumer Affairs states that Bronx residents are least likely than other New Yorkers to have a bank account.

According to the survey, adults living in low-income, minority neighborhoods like Mott Haven, Melrose, Morris Heights and University Heights are more likely to rely on pawn shops and check cashing businesses than on banks.

"The reason they're not going into banks is they're concerned about fees," says Cathie Mahon, of the Office of Financial Empowerment.

In an effort to address the issue of bank fees, the city has launched NYC Safe Start Account, which allows customers to open ATM-based accounts with no overdraft or monthly fees and a minimum balance of only $25.

sorry to interrupt
your first 20 are free
Access to News 12 is free for Optimum, Comcast®, Time Warner® and Service ElectricSM customers.
Please enjoy 20 complimentary views of articles, photos, and videos during the next 30 days.
you have reached your 5 view limit
Access to News 12 is free for Optimum, Comcast®, Time Warner® and Service ElectricSM customers.
Please login, create an account or subscribe to continue enjoying News12.
Our sign-up page is undergoing maintenance and is not currently available. However, you will be given direct access to news12.com while we complete our upgrade.
When we are back up and running you will be prompted at that time to complete your sign in. Until then, enjoy the local news, weather, traffic and more that's "as local as local news gets."