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Where Are the Unbanked and Underbanked in New York City?
Urban Institute on
July 6th 2018
Caroline Ratcliffe, Signe-Mary McKernan, Emma Cancian Kalish and Steven Martin
Nationwide, millions of Americans operate outside the formal financial sector and are unbanked or underbanked. This brief provides information on the banking status of New York City residents. Using model-based predictions, we find that 360,000 New York City households (11.7 percent) were unbanked and another 780,000 New York City households (25.1 percent) were underbanked in 2013. We also examine New Yorkers’ use of prepaid cards, which can be an alternative to traditional bank accounts.
Topics in this document
Access to finance
Brooklyn
Queens
Boroughs of New York City
Unbanked
New York City
The Bronx
Financial services
Money
Banking
Service industries
Finance
Economy
Fee
American Community Survey
Payday loan
Concourse, Bronx
Poverty
Federal Deposit Insurance Corporation
Research
Bayside, Queens
Fresh Meadows, Queens
Saving
Bank
Flushing, Queens
Canarsie, Brooklyn
Automated teller machine
East New York, Brooklyn
Overdraft
United States
Citations
Cited by 94 other policy documents
(93 of them are from other policy sources)