Where Are the Unbanked and Underbanked in New York City?

Brief

Where Are the Unbanked and Underbanked in New York City?

Abstract

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.

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