Tuesday Links

Poor people tend to not have bank accounts for a number of reasons, including the ridiculous fees charged by banks for the privilege of holding people's money, but very high on the list is the lack of banks in poorer neighborhoods. In Bed Stuy, near Restoration Plaza, we are lucky that we have 4 in a 3 block radius, but that is not the norm for vast areas of the community. Stuyvesant Heights doesn't have a single bank in easy walking distance, as Restoration is 2 subway stops away.

Since so much of our everyday transactions are tied to computers and bank accounts, things like EZPass, not having an account further marginalizes the poor. I wouldn't be surprised if things like money orders are phased out in the next few years, leaving the poor fewer ways of getting by without a bank account to pay bills, etc. I hope program and initiatives produce more banks in lower income nabes. We certainly do have the space.

Posted by: Montrose Morris at July 14, 2009 9:30 AM

Bedstuy11216, I was thinking of the far reaches of Stuyvesant Hts, actually. A doable walk for many, but a bit much for the elderly, or those with small children or disabilities. Crown Heights is actually worse, unless one is near Restoration, like I am, or near Eastern Parkway, where there is at least Banco Popular and a Bank of America, which is still not much choice, really.

Posted by: Montrose Morris at July 14, 2009 11:49 AM

I never said I wanted banks on every corner, Denton. However, in the poorer areas of town, I don't think it's too much for residents to want a couple of banks within walking distance, and I mean walking distance easily done by people who are not in the peak of fitness, or have all day to hike to the bank.

Banks like Carver don't get a lot of press or attention, but for a long time they were the ONLY bank in many minority neighborhoods, as was Banco Popular. Citibank, Chase, Manufacturer's Hanover (now also Chase) didn't come back to the Bed Stuy until there was great pressure and incentive to do so, and space was delegated at Restoration Plaza for them. As such, we in BS were in better shape than places like Clinton Hill, which has no banks on Fulton St, which makes no sense at all, and only recently got other banks besides Citibank on Myrtle.

I certainly don't want a bank on every corner, I don't think any one does, but it behooves local businesses and customers to be able to form relationships with their banks and bankers. That was how things got done in the past, and that is still valuable. That's hard to do, especially when one is not rich, and you are one of a gazillion customers at your megabank in Manhattan, somewhere.

Posted by: Montrose Morris at July 14, 2009 11:39 PM