Even though New York City is home to Wall Street, a major global banking hub, almost 13% of its households don’t have a primary bank. This is double the national average. In two Bronx neighborhoods, more than half the residents don’t have any relationship with a bank at all. The term for these individuals is “unbanked.”
Scott Stringer, the city’s comptroller, pointed out that New Yorkers face challenges when opening their first checking account because there are so many options, which can be overwhelming. Plus, the local bank might not always provide the best value.
Stringer’s report highlighted that being unbanked or underbanked can severely affect one’s financial well-being.