NEW YORK — The results are in: New York state banks do promote their money order, bill payment, and bilingual services to the underserved and new immigrants.
However, these services primarily target existing customers and few of the 209 banks surveyed actually cash checks, wire money overseas, or accept non-traditional identification, according to the Feb. 6 report by the New York State Banking Department.
In a press release, Superintendent of Banks Richard H. Neiman, whose department also supervises credit unions, said the agency is "happy to see that banks are actively trying to reach unbanked and immigrant populations" but added, "we are aware of banks' concern over identification requirements."
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