Report: 1 in 4 NYCHA tenants are without bank accounts

BROOKLYN - According to a new City Council report released Wednesday, one in four New York City Housing Authority tenants does not have a bank account. Council member Eric Goia says that poverty is common within the NYCHA and banks are rare, leaving many tenants to rely on check-cashing centers.

?They left the neighborhood and weren't in walking distance so when they took their business, people stopped using them,? says Reginald Bowman.According to the report, other reasons people cited for not having an account include cultural barriers, such as not speaking English, and not trusting banks. Council members recommend opening up banks in NYCHA retail space and expanding financial literacy education opportunities for NYCHA tenants.?We don?t want NYCHA to stand for No You Can?t Have an Account,? says City Council Speaker Christine Quinn.

advertisement | advertise on News 12

Trending Video

1 Neighborhood Brief for April 30
More than 2,000 people took part in the 2 Thousands attend NYPD Cares 5K for kids with disabilities
More than 200 Brooklyn residents received a goody 3 Expecting moms attend massive baby shower in E. Flatbush
A 3-year-old girl died after a car accident 4 3-year-old killed in crash on Bruckner Boulevard
The victim, a man in his 20s, was 5 Man shot in head during Williamsburg drive-by shooting

advertisement | advertise on News 12


Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.