Bereft Of Banks
October 28th, 2006
An editorial in El Diario
decries the lack of banks in Latino and immigrant neighborhoods in New York City – the entire neighborhood of Bushwick has only two bank branches – and explains why banks are preferable to the “check cashers, pawn shops, and money transmitters [that] fill the vacuum. These businesses frequently attach high fees and interest rates for limited services that don’t allow immigrants to build needed credit history.”
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