Bank On Manhattan, a public/private partnership led by the Office of the Manhattan Borough President Scott M. Stringer, connects people without checking accounts to affordable mainstream financial services and provides opportunities in the community for financial education.

Bank On Manhattan aims to provide an alternative to costly financial services and to help people get started on a path to economic stability and success. Our goal is to open 10,000 new accounts by the end of the summer of 2011 and to put thousands of families on the road to financial security.

For more information about the Office of Manhattan Borough President Scott M. Stringer please click here.

Why Bank On Manhattan?

An estimated 95,000 Manhattan households don't have bank accounts. In some neighborhoods, like Inwood/Washington Heights, 46% of the households don't have bank accounts. Unbanked Manhattan residents turn to check-cashing establishments, spending hundreds of dollars a year just to cash their checks and pay their bills.

Not only is a bank account less expensive, it is also a necessary first step to climb the economic ladder. With no safe way to access and save money, the unbanked are particularly vulnerable in times of crisis or emergency, and lack the necessary tools to save and build assets.

The "Bank on" Movement

The "Bank On" concept was first piloted in San Francisco in 2006.

Since then Bank On San Francisco has opened over 30,000 accounts, 80 percent of which are still currently open with an average balance of $980, saving San Franciscans roughly $20 million in fees.

Now, "Bank On" efforts are underway in 56 cities, 6 states, and 6 regions in the US. "Bank On" programs have received support from the National League of Cities, the William J. Clinton Foundation, the Annie E. Casey Foundation, United Way and The Pew Charitable Trusts.

Creating a Safe Account for Unbanked Manhattan Residents

Unbanked Manhattan residents are concerned about the cost of having a bank account and are worried they may be denied an account because they have made financial mistakes in the past. Others believe that without a Social Security card they are not eligible for an account. Some think they do not make enough money to have a bank account, or are intimidated by a traditional banking environment.

To directly address these concerns, participating banks agreed to the following baseline criteria:

• Offer a low or no-cost product with no minimum balance requirement. The high minimum balance requirements and fees of many accounts is a key factor keeping people out of the financial mainstream.
• Reduce the barriers to entry by offering low minimum initial deposit requirements. No participating institution requires an opening balance greater than $25.
• Have an opt-in policy for Courtesy Overdraft Protection or offer an ATM card that does not allow customers to overdraw their accounts.
• Adapt internal systems to allow customers with a poor banking history to open "second chance" checking accounts.
• Accept alternative forms of identification as primary ID. For many immigrants, the barrier to opening an account is having the proper documentation.
• Expand marketing and outreach strategies in targeted, low-income neighborhoods, and increase the visibility of appropriate products in Manhattan.

Press and Events

Thank You

Bank On Manhattan is an example of what can happen when government, not-for-profit organizations and commercial partners join together to achieve a common goal.

The program's marketing and outreach campaign and its online presence exists only because of the following commercial banking partners who have combined their participation in the program with generous philanthropic support: Amalgamated Bank, Banco Popular, Citibank, East West Bank, Emigrant Savings Bank - Manhattan, Sovereign Bank, and TD Bank.

We also want to recognize the generous contributions and express our gratitude for the support provided by the United Way of New York City, State Bank of India, Bank of Hapoalim, The Bank of India and Mitsubishi UFJ Trust & Banking Corporation (U.S.A.).

From the very moment that we embarked on developing Bank On Manhattan, the advice, counsel, and technical assistance provided by these three leading regulatory institutions has proved invaluable: the Federal Deposit Insurance Corporation, Federal Reserve Bank of New York and New York State Banking Department. We are indebted to them for their guidance
and support.

Bank On Manhattan would also like to thank The National League of Cities and The Pew Charitable Trusts for generously lending their expertise and experience over a period of many months to support the creation of this program.

Finally, Bank On Manhattan is grateful for the countless hours of inspired work devoted to this project on a pro bono basis by the professionals at the advertising and communication agency Wing. Their dedication and belief in the project is reflected in the exceptional quality of the program's marketing materials and logo, and the design and look of this web site. Additionally, we would like to thank AY Digital for helping us to create a professional and interactive website.