Monday, June 9, 2014

1 in 10 New Yorkers Doesn’t Have a Bank Account

Note well, this is a major underground sector that doesn't use bitcoins. In fact, I don't see how bitcoins would help this group, other than making it easier for them to be tracked, there is nothing that bitcoin does that good hold cash doesn't do for them--in a more private manner.

NyPo has the details:
“More and more people in New York we talk to today than ever before are unbanked,” said financial counselor David Flores of GreenPath Debt Solutions. “We call them the liquid society.”
The unbanked are a growing category of New Yorkers — almost one in 10 households in New York state, according to the most recent FDIC survey — who have no checking or savings account at a bank. And the category of New Yorkers who conduct some or all of their financial transactions outside the banking system is 29 percent, almost 1 percent higher than the total for all US households....

The numbers of unbanked, meanwhile, are expanding in New York’s inner city with its large concentration of immigrants. The numbers are especially high among minorities and low-income households, according to Flores...

In a study last year, New York City’s Department of Consumer Affairs showed stunning disparities among the unbanked in the city’s immigrant communities. Only 5 percent of Chinese respondents in the US less than six years on average were still unbanked. Yet Ecuadorian and Mexican respondents, in the US nearly 12 years and 10 years on average, respectively, were hugely unbanked at 35 percent and 57 percent.
“The demographics will determine how New Yorkers are saving their money,” Flores said. “The more affluent individuals may have savings accounts, the less affluent in the inner city will have their money under the mattress — and your trust or distrust of the bank will also determine how you save.”


  1. If you're earning a decent living and have a small nest egg, how do you safely keep your money safe? Looking for ideas

    1. write to hillary-ious........

      hold on I'm tuning my violin.....

      Clinton's Went from Millionaires to PEU's

      America's Blue Team royal family, Bill and Hillary Clinton, left the White House with a mere $1.26 million to $5.7 million in assets. Yet, Bill's privatization of public services, enabled many private equity underwriters (PEU's) to get their footing in the 1990's. They've returned the favor many times over.

      The Clintons went on to earn an astonishing $109 million between 2000 and 2007, according to disclosure reports.

      Bill had stints with Yucaipa and Teneo. Recently Hillary spoke to The Carlyle Group, KKR, Teneo and Goldman Sachs. Daughter Chelsea is well on her way, currently being schooled by PEU's

      Hillary's "return to the the White House fiction" is the Clinton's were dead broke when they left public service. The Clinton's needed to earn such big money to buy houses and send Chelsea to school so she could become a PEU.
      The Clinton's should be judged by the way they ran their foundation. They hired friends who used tax free money is unethical ways.

      Economic power buys political power, which then sets favorable rules and telegraphs money making opportunities for the already wealthy. Health reform is the latest "market remake" where PEU's plan to make 30% annual returns.

      I don't buy Hillary's bootstrap/panty meme. She's not pulling anything up, but putting something over. Mrs. Clinton can read her lines, but the people reading between them are policy-making billionaires. I'm sure they'll help Bill and Hillary reach the billionaire mark. Another Clinton Presidency wouldn't hurt.

  2. Hmm, maybe bitcoin can help them send money across distance instantly? That's a pretty big benefit when you consider remittances, online shopping, etc.

  3. In general, I'm not sure what value putting their money in a savings account would have anyway. The interest rates being paid are well below the rate of inflation, so they're simply better holding onto the cash. Additionally, why would they want to be tracked like the rest of us? The banks are simply an extension of Uncle Sam's surveillance state.

  4. Years ago in Ontario Canada you could not pay your electricity in cash. What can you do.

    1. If they take credit cards you could buy a prepaid one and pay with that...