An example for borough presidents

Thousands of New Yorkers don’t have bank accounts, which means they are less likely to save money.

In Manhattan alone, 95,000 households are “unbanked.” Highest on the radar are communities such as Washington Heights and East Harlem, where the unbanked represent 46 percent and 37 percent, respectively.

These households are losing money. Without bank accounts, they turn to check cashing places and money orders, racking up fees in the process. New Yorkers pay $198 million annually in check cashing fees, according to the Manhattan borough president’s office.

This is not only a drain on wallets, but also represents a vulnerability. Some immigrants carry cash on pay days, making them easy targets for robbers.

To his credit, Manhattan Borough President Scott Stringer is launching Bank on New York, a program that encourages peo- ple to open bank accounts. Stringer’s office worked with banks, community groups and federal agencies to develop to address barriers for some people—from restrictions on the forms of identification a bank accepts to minimum balance requirements.

Under Bank on New York, participating banks require a minim opening deposit of $25 and charge a maximum of $6 in monthly fees. They all accept a valid foreign passport as identification and most a consular ID. These and other steps go a long way to helping low and moderate income New Yorkers open accounts that they can leverage for small loans towards, for example, higher education.

Bank on New York replicates a successful model in San Francisco. Nationally, the U.S. Treasury Department is planning to roll out a similar program. Until then, we encourage other borough presidents to follow Stringer’s example and help New Yorkers keep more of their paychecks, especially in these hard times.

Thousands of New Yorkers don’t have bank accounts, which means they are less likely to save money.

In Manhattan alone, 95,000 households are “unbanked.” Highest on the radar are communities such as Washington Heights and East Harlem, where the unbanked represent 46 percent and 37 percent, respectively.

These households are losing money. Without bank accounts, they turn to check cashing places and money orders, racking up fees in the process. New Yorkers pay $198 million annually in check cashing fees, according to the Manhattan borough president’s office.

This is not only a drain on wallets, but also represents a vulnerability. Some immigrants carry cash on pay days, making them easy targets for robbers.

To his credit, Manhattan Borough President Scott Stringer is launching Bank on New York, a program that encourages peo- ple to open bank accounts. Stringer’s office worked with banks, community groups and federal agencies to develop to address barriers for some people—from restrictions on the forms of identification a bank accepts to minimum balance requirements.

Under Bank on New York, participating banks require a minim opening deposit of $25 and charge a maximum of $6 in monthly fees. They all accept a valid foreign passport as identification and most a consular ID. These and other steps go a long way to helping low and moderate income New Yorkers open accounts that they can leverage for small loans towards, for example, higher education.

Bank on New York replicates a successful model in San Francisco. Nationally, the U.S. Treasury Department is planning to roll out a similar program. Until then, we encourage other borough presidents to follow Stringer’s example and help New Yorkers keep more of their paychecks, especially in these hard times.

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