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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The report said 87% of survey respondents offer money orders, but just over half of them limit the service to customers. Just 28% offer check cashing services, while only 19% let people bring money in to pay utility and other bills. Also, just under 25% offer international remittances or wire transfers, with 11% percent of those limiting it to customers.
Nearly all, or 94%, have staff, services or literature in more than one language, including Spanish, Chinese, and Russian. But only 20% accept "cedular" or "consular" cards as identification.
Neiman advised the public that deciding on a financial institution "is not always easy" and consumers "need to identify the products that are suitable."
"We encourage consumers to seek out the traditional banking services that would work best for them, such as those offered by retail banks and credit unions," said a department spokesperson. "Consumers who do not have a traditional banking relationship tend to rely on higher cost financial services to meet their financial needs."
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