13% of NYC Households Lack a Bank

7566327056_8dc57f9632_zAlthough New York City contains Wall Street, which is considered a global banking hub, almost 13% of New York City households don’t have a primary bank.

That is nearly double the national rate. In at least two neighborhoods in the Bronx, more than half of all residents were classified as “unbanked,” meaning they had no relationship at all with a financial institution.

“Our study showed that New Yorkers trying to open their first checking account face a bewildering array of options, and that the bank on your block might not give you the best bang for your buck,” Scott Stringer, the city’s comptroller, said in a statement.

“The economic impact of being unbanked or underbanked are severe,” Stringer’s study said.

Find out more at CBS Money Watch.

Photo courtesy of: Sue Waters