Northwest Bronx Banking Fair this Thursday

Northwest Bronx residents will have an excellent opportunity to comparison shop for a bank account this Thursday evening. At least a dozen local financial institutions will set up shop on E 196th Street, offering low-cost bank account options to attendees.

Here in the Bronx and other neighborhoods across the country that have suffered from redlining in the past, the percent of residents with a bank account lags well behind over-banked areas like lower Manhattan. Fringe financial institutions such as check cashers, pawn shops, and rent-to-own establishments have taken the place of bank branches in many Bronx neighborhoods.

Fortunately there are many more bank branches in the Northwest Bronx than there were 10 or 15 years ago (although they do cluster around each other on major commercial strips). While they are all supposed to have a low-cost checking account option available, it isn't always easy to get into one of these accounts by just walking into a branch. Many customers end up in high-fee checking accounts that don't even compare favorably with a check casher. In neighborhoods where households typically spend half their income on rent, paying extra for financial services is not an option.

For folks that are interested in starting a bank account (or getting into a lower-cost account), the Northwest Bronx Banking Fair will offer a unique opportunity to learn about how to shop for an account and then speak with representatives from a dozen local financial institutions, many of which will be offering special incentives for opening an account on the spot.

Here are the details:

The Northwest Bronx Banking Fair

Thursday, July 31 2008

Dinner at 6:00PM / Program Begins at 6:30PM
Our Lady of Refuge Parish Center

290 E 196th Street (between Bainbridge & Briggs)
Dinner, A/C and childcare will be provided
Se habla español

Sponsored by

• University Neighborhood Housing Program

Co-Sponsored by

• Fordham Bedford Children’s Services
• Fordham Bedford Housing Corporation
• Mosholu Preservation Corporation
• National Student Partnerships
• Northwest Bronx Community and Clergy Coalition
• POTS Soup Kitchen
• Rose Hill Management
• Tolentine Zeiser Community Life Center
• West Bronx Housing and Neighborhood Resource Center

Invited and confirmed* Banks Credit Unions:

• Bethex Federal Credit Union*
• Apple Bank for Savings*
• Amalgamated Bank*
• Banco Popular
• Bank of America*
• Capital One Bank*
• Chase*
• Citibank*
• Commerce Bank*
• Emigrant Savings Bank*
• HSBC Bank*
• Ridgewood Savings Bank*
• Washington Mutual Bank*

RSVP to University Neighborhood Housing Program at (718) 933-2539 by July 30.