Melrose in the News – A Dearth of Bank Accounts in Melrose

Back in September, we featured a response to the New York Daily News’ article which declared that the “South Bronx is a banking wasteland,” where we listed that contrary to that statement Melrose was a sort of “Wall Street” if you will since we have the highest concentration of banks in the entire borough – 8 alone in a small 4 block radius.

The new article written by Daniel Beekman of the Daily News (formely of Bronx Times) reveals that the lack of banks in the Bronx as a whole has left almost 270,000 residents (29% of the Bronx’ poplulation) without bank accounts.  As Daniel Beekman reveals, this is not just due to the lack of banks in the Bronx but also of high banking fees which low income residents cannot afford to part with.

On a side note, congratulations to Daniel Beekman who as of a few days ago joined the Daily News!  

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