►
Description
The Committee on Commerce & Economic Development of the Council of the City of Philadelphia will hold a Public Hearing on Monday, October 21, 2019, at 10:00 AM, in Room 400, City Hall, to hear testimony on the following items:
190721 Resolution calling on the City Council of Philadelphia Committee on Commerce and Economic Development to hold hearings concerning the unbanked and underbanked in Philadelphia and the City’s plans for helping to provide access to banking services to all residents.
Committee on Commerce and Economic Development
Chair: Councilmember Curtis Jones Jr. (4th District)
Vice Chair: Councilmember Cherelle Parker (9th District)
A
B
Number
one:
nine
zero,
seven:
two
one:
a
resolution
calling
on
the
City
Council
of
Philadelphia
Committee
on
Commerce
and
Economic
Development,
to
hold
hearings
concerning
the
unbanked
and
underbanked
in
Philadelphia,
and
the
city's
plans
for
helping
to
provide
access
to
banking
services
to
all
residents.
I
am.
A
C
You,
mr.
chairman,
very
quickly.
First,
thank
you
for
calling
this
hearing
when
we
passed
the
cashless
bill
back
in
the
beginning
of
the
year.
We
had
stated
at
the
time
that
this
wasn't
the
end
of
the
whole
issue
of
looking
at
the
issue
of
unbanked
and
people
who
need
more
financial
assistance,
and
this
is
a
continuation
of
that
you'll
hear
from
the
administration,
particularly
today,
and
hopefully
from
a
gentleman
from
Drexel
University
about
the
steps
that
are
being
taken
to
try
to
help
those
people
who
to
get
bank
accounts
to
get
credit.
C
C
A
A
D
Good
morning,
my
name
is:
will
Hollen
from
the
office
of
community
empowerment
and
opportunity?
Council
person,
Jones
council
person
Greenlee.
Thank
you
very
much
for
the
opportunity
to
speak
with
you
today
about
resolution
number
one
9:07
21
discussing
the
problem
of
individuals
being
unbanked
and
underbanked
in
philadelphia.
D
According
to
the
most
recent
FDIC
survey
nationwide,
6.5
percent
of
all
households
are
unbanked,
meaning
they
do
not
have
access
to
a
bank
account
another
eighteen
point:
seven
percent
are
under
banked,
meaning
that
someone
in
the
household
has
access
to
a
bank
account
but
predatory
products
that
just
cashiers
are
still
used.
The
situation
is
worse
for
individuals
from
communities
that
have
historically
been
marginalized.
D
25.7%
of
families,
making
less
than
$15,000
per
year
are
unbanked
22.4%
of
families
where
the
adults
lack
a
high
school
diploma
are
unbanked.
Sixteen
point:
nine
percent
of
black
and
fourteen
percent
of
Hispanic
households
are
unbanked
according
to
prosperity.
Now,
12.5
percent
of
households
in
Philadelphia
are
unbanked,
which
is
almost
twice
the
national
average.
According
to
the
Brookings
Institute,
a
full-time
worker,
without
a
checking
account,
could
potentially
save
as
much
as
forty
thousand
dollars
during
her
career
by
relying
on
lower-cost
checking
accounts
instead
of
check
cashing
services.
D
This
is
because,
when
you
are
unbanked,
every
transaction
cost
money.
If
you
want
to
cash
a
check,
it
cost
money,
two
percent
or
more
for
paychecks
and
up
to
ten
percent
for
personal
checks.
If
you
want
to
pay
a
bill,
you'll
need
a
money
order.
Many
transactions
that
are
free
for
the
rest
of
us
carry
a
fee
at
every
instance
for
those
who
are
unbanked
in
April
of
2018.
D
The
office
of
community
empowerment
and
opportunity
partnered
with
the
cities
for
financial
empowerment
fund
to
relaunch
the
Bank
on
Philadelphia
coalition,
which
is
made
up
of
several
financial
institutions.
Nonprofits
and
government
agencies
Bank
on
is
a
national
network
of
local
coalition's
that
work
to
reduce
the
number
of
unbanked
and
underbanked
households
nationally.
The
cities
for
financial
empowerment
fund
leads
this
effort.
Working
with
financial
institutions
and
consumer
advocates
see
if
he
fund
developed
national
account
standards
for
what
constitutes
a
safe
and
affordable
bank
account.
D
These
standards
require
accounts
to
make
overdraft
and
non-sufficient
funds
structurally
impossible
to
have
no
dormancy
or
inactivity
fees
to
have
low
$25
opening
deposit
amounts
and
to
have
low
monthly
maintenance
fees
of
not
more
than
$5
that
the
fee
is
not
waivable.
In
order
for
an
account
become
certified
as
meeting
these
standards,
financial
institutions
must
submit
their
look
account.
Contracts
for
review
by
the
National
Consumer
Law
Center
locally
for
financial
institutions
have
accounts
meeting
these
standards,
Wells
Fargo
Bank
of
America,
JPMorgan,
Chase
and
Key
Bank.
D
These
accounts
bring
the
peace
of
mind
that
one's
bank
account
will
remain
safe
and
affordable,
with
no
hidden
fees
working
with
our
bank.
On
coalition,
our
offices
nearing
the
end
of
a
three-year
AmeriCorps
VISTA
supported
financial
inclusion
for
new
Americans
and
returning
citizens
project.
This
project
examined
the
unique
challenges
faced
by
new
Americans
and
returning
citizens
and
accessing
affordable
banking
through
conversations
with
individuals,
social
service
organizations
and
a
survey.
D
We
learned
that
some
of
the
greatest
impediments
faced
included
a
lack
of
convenient
locations,
distrust
of
financial
institutions
perceived
insufficient
income
for
a
bank,
account
language
barriers,
literacy
challenges
and
embarrassment
over
financial
issues.
In
order
to
meet
these
challenges,
our
office
developed
two
interventions.
The
first
was
the
redesign
of
our
Bank
on
Philadelphia
webpage.
D
The
page
provides
information
on
how
to
open
an
account
meeting
the
bank
on
national
account
standards,
provides
resources
specifically
addressing
the
needs
of
new
Americans
and
returning
citizens
uses
language
that
can
be
read
by
those
with
lower
literacy
levels
and
was
built
to
be
compatible
with
common
webpage
translation
software.
The
address
for
this
new
site
is
phila.gov/ready
on
that's
ph,
IL,
a
govt,
/ba
and
kon.
D
The
second
intervention
is
a
pilot
project
that
will
take
place
during
the
upcoming
tax
season.
Individuals
who
are
unbanked
will
be
incentivized
to
vision
of
visit,
a
financial
empowerment
center
to
obtain
help
in
opening
a
bank
account
into
which
their
tax
refund
can
be
deposited.
Financial
empowerment
center
counselor
will
also
develop
an
action
plan
for
the
individual
with
regard
to
their
tax
refund,
to
assist
them
in
coming
up
with
a
client
driven
plan
for
the
use
of
their
tax
refund
that
will
provide
optimal
benefit
to
the
individual
and
their
family.
D
Our
office
is
also
partnered,
with
Philadelphia
youth
network
to
integrate
banking
access
into
the
work
ready,
Summer
Youth
Employment
Program.
Last
summer,
a
pilot
was
done
to
allow
youth
to
open
youth
appropriate
bank
accounts
into
which
their
weekly
pay
could
be
directly
deposited.
The
plan
is
to
make
this
available
to
more
youth.
In
the
summer
of
2020,
our
bank
on
Philadelphia
coalition,
just
launched
a
youth
banking
subcommittee
that
will
work
to
make
banking
more
available
to
use
in
the
pyn
work
ready
program.
D
This
work
is
particularly
exciting
because,
rather
than
working
to
change,
individuals,
norms
around
the
use
of
check,
cashers
and
other
fringe
financial
services,
good
banking
habits
are
being
developed
at
the
start
of
the
youth
financial
lives.
This
work
is
supported
by
many
of
our
financial
institution
partners,
including
Santander,
which
made
youth
appropriate
online
financial
education
available
to
all
youth
in
the
program
and
Bank
of
America
who
worked
with
the
youth
to
open
accounts.
D
While
our
office
with
a
support
of
our
partners,
is
working
in
many
areas
to
lower
barriers
to
financial
inclusion,
more
needs
to
be
done.
Individuals
who
are
unbanked
or
underbanked
are
oftentimes,
making
very
conscious
decisions
to
manage
their
money,
the
way
that
they
do
in
many
economic
corridors.
In
the
city,
there
is
no
bank
branch
bank
branch
presence,
but
where
you
don't
find,
a
bank
branch
you'll
usually
find
a
check.
D
Casher
many
individuals
have
also
used
banks
incorrectly
or
have
been
victims
of
fraud
related
to
prior
bank
accounts,
which
can
lead
to
uncertain
access
to
their
money
and
missed
bills.
These
experiences
and
many
others
can
be
overcome
and
people's
lives
can
be
made
less
expensive
through
safe
and
affordable
bank
accounts,
mobile
banking
services
and
a
full
understanding
of
how
banks
work
for
their
customers
in
order
to
help
individuals
overcome
barriers
to
greater
financial
inclusion.
Our
office
administers
the
financial,
empowerment,
centers
or
FPC's.
D
The
Effie
C's
provide
free,
one-on-one
financial
counseling
to
any
Philadelphia
resident,
half
of
all
Philadelphia,
half
of
all
FEC
clients
live
at
or
near
the
poverty
level.
Three-Quarters
of
persons
of
color
and
over
45%
have
dependents
since
opening
their
doors
in
2013,
the
Philadelphia
PCs
have
served
thirteen
thousand
four
hundred
and
ten
unique
clients
across
twenty
eight
thousand.
Eight
hundred
and
sixty-one
sessions
and
have
helped
clients
reduce
their
debt.
D
Since
2017
FEC
capacity
has
declined,
leading
to
a
drop
of
clients
served
from
4,000
each
year
to
1,100
each
year,
this
drop
in
volume
has
led
to
a
drop
in
the
FCC's
ability
to
assist
unbanked
and
underbanked
sand
becoming
fully
banks
at
full
capacity.
The
FEC
s
helped
an
average
of
136
clients
open
accounts
each
year.
At
current
capacity,
they
averaged
fewer
than
45.
The
one-on-one
assistance
and
FEC
Council
provides
is
crucial
in
meeting
the
needs
of
those
who
are
unbanked
and
underbanked.
D
Counselors
are
a
trusted
ally
that
bridge
the
gap
between
financial
institutions
and
those
who
are
unbanked.
They
are
a
professional
resource
that
can
educate
on
how
banks
work
and
how
to
make
bank
accounts
work
for
the
consumer,
and
they
are
an
advocate
who
can
help
clients
who
have
had
bad
prior
experiences
correct
their
records
with
the
banks.
Thank
you
very
much
for
your
time
today
for
your
attention
to
the
needs
faced
by
the
unbanked
and
underbanked
and
for
your
interest
in
the
work
that
our
office
and
our
partners
are
doing.
D
A
E
Thank
You
councilman
Greenlee,
a
councilman
Jones
councilman
Dom.
My
name
is
Kevin
Thomas
jr.
and
I'm.
The
associate
director
of
operations
and
asset
building
for
the
built
on
building
wealth
and
Health
Network
the
network
as
a
trauma
informed
financial
empowerment
program
run
by
the
center
for
hunger,
free
communities
at
Drexel
University.
Over
the
past
few
years
we
have
worked
with
over
a
thousand
low
to
no
income
Philadelphians
to
help
build
their
assets,
lift
their
credit
scores
and
improve
their
Economic
Security.
E
We
also
focus
on
helping
families
improve
their
health
by
lowering
their
depression
and
breaking
the
cycle
of
isolation.
That
many
of
us
feel
in
the
community
I've
been
invited
today
to
discuss
the
problem
of
being
unbanked
or
underbanked,
and
how
the
city
of
Philadelphia
can
help
provide
access
to
the
financial
system.
I'm
supportive
of
holding
hearings
and
I
provide
eight
specific
recommendations.
I
believe
my
full
comments
have
been
provided
so
I'm
going
to
provide
an
abridged
version
today.
First
hold
the
banking
industry.
Accountable.
E
I
began
with
this
because,
as
the
city
considers
holding
hearings,
it
must
consider
how
it
plans
to
hold
the
banking
industry
accountable.
The
banking
industry
actively
disenfranchised.
Thus
it
has
been
their
policies
that
have
caused
this
unbanked
and
underbanked
problem
and,
like
always,
they
create
the
problem
and
now
government's
swooping
in
to
fix
it.
The
city's
goal
should
be
to
restore
access
to
checking
accounts,
debit
cards,
lending
and
investing
to
citizens
of
Philadelphia
who
desire
them,
but
your
actions
should
not
be
limited
to
traditional
banking.
E
Private
companies
like
Apple
and
venmo,
have
introduced
fifi
products
into
the
market
to
provide
trauma-informed
training
in
a
banking
system.
The
city
should
work
to
pioneered
the
first
trauma-informed
financial
services
training
and
strongly
encourage
that
the
banks
are
not
that
operate
in
our
area,
use
it.
That
would
be
intensive
training
for
banking
employees,
on
the
barriers
associated
with
being
disenfranchised
and
the
best
method
for
communicating
and
growing
a
relationship
with
the
community
3
ensure
all
banks
accept
the
city
ID.
E
The
city
recently
took
a
very
positive
step
in
helping
our
more
vulnerable
citizens
by
creating
a
city
ID,
but
many
of
the
banks
in
our
area
still
don't
accept
it
as
a
primary
form
of
identification.
Even
if
this
is
a
federal
issue,
we
must
work
the
get
our
IDs
accepted
by
the
banks
for
address
problems
and
check
systems.
Many
people
do
not
have
access
to
bank
accounts
because
they
have
a
negative
check
systems.
History
I
urge
the
city
to
appoint
a
staff
person
who
can
work
directly
with
ChexSystems
a
ChexSystems
expert.
E
This
person
should
be
someone
with
extensive
knowledge
of
check
systems.
That's
tasked
with
getting
people's
records,
I
have
it
cleared
or
rehabilitated.
We
have
to
address
the
issue
of
people
getting
into
situations
in
which
they've
been
coerced
in
their
youth
and
not
being
able
to
gain
access
to
banking.
E
Many
years
later
we
have
people
currently
in
our
network
program
whose
can't
get
a
bank
account
because
of
something
that
their
parents
did
or
her
parents
talked
them
into,
and
I
remember
from
my
days
as
a
branch
manager
all
of
the
young
women
who
were
coerced
into
giving
their
banking
information
to
a
boyfriend
or
a
partner.
We
needed
someone
working
on
the
side
of
them.
5
ensure
access
to
wealth,
building
products
and
services.
We
must
remember
that
credit
is
still
a
problem.
It's
used
as
a
barrier
to
entry
and
it
mitigates
the
banking
relationship.
E
Six
mandate:
financial,
education
in
schools,
a
comprehensive
trauma-informed
financial
education
curriculum
needs
to
be
provided
at
every
level
of
our
public
education
from
elementary
through
high
school.
The
school
district
has
the
power
to
do
that.
The
city
has
the
power
to
add
financial
education
to
some
of
the
core
curriculums
at
Community,
College
of
Philadelphia
Philadelphia
can
become
the
most
financially
educated
city
in
the
country.
It's
within
our
power
to
achieve
it.
Great
educators,
like
dan
LaSalle
at
only
high
school,
have
begun
to
work.
We
need
to
help
spread,
it
seven
create
a
public
bank.
E
All
of
these
ideas
can
be
offered
at
the
city
where
to
open
a
public
bank.
The
power
structure
of
the
bank
should
include
people
from
the
community
that
it
serves
eight
get
started
now.
While
you
work
on
creating
a
public
bank
for
Philadelphia
the
groundwork
for
these
ideas
can
begin.
You
can
begin
to
hold
the
banking
industry
accountable
for
predatory
and
exclusionary
practices.
You
can
do
this
to
forming
alliances
and
coalition's
throughout
the
city.
I
hope
I've
been
able
to
show
that
being
unbanked
is
more
than
a
financial
problem.
It's
a
life
problem.
E
There
are
circumstances
that
lead
to
this
outcome
and
fixing
the
outcome
without
addressing
the
circumstances
that
lead
to
it
will
not
solve
the
problem
through
your
actions
on
the
ideas.
Above
you
have
the
opportunity
to
help
tens
of
thousands
of
people
break
out
of
poverty.
People
like
me,
our
children
and
our
children's
children
deserve
it.
We
have
the
right
to
manage
and
grow
our
wealth
and
to
contribute
to
a
healthy
City
where
all
of
us
can
flourish
for
generations
to
come.
Thank
you
for
the
opportunity
to
testify.
E
A
F
The
rationale
for
this
decision
includes
the
desire
to
respond
to
consumer
behavior,
as
well
as
safety,
efficiency
and
sustainability.
However,
for
those
who
are
unbanked
and
underbanked,
the
move
towards
cashless
transactions
has
created
another
hurdle
for
a
population
that
already
faces
significant
financial
challenges.
Although
there
are
a
number
of
products
that
allow
unbend
customers
to
obtain
debit
cards
and
convert
cash
to
plastic
and
some
at
a
very
low
cost
to
the
consumer,
the
stakes
are
much
bigger
than
that.
As
will-
and
other
experts
have
pointed
out.
F
True,
financial,
empowerment
and
inclusion
means
creating
access
to
safe
and
affordable
bank
accounts
so
that
people
can
save
build
credit
and
participate
fully
in
the
modern
economy.
According
to
a
survey
from
the
World
Bank
44%
of
unbanked
Americans
cite
lack
of
trust
in
banks
as
a
reason
to
remain
outside
of
the
system.
That
is
why
the
Department
of
Commerce
has
been
working
with
the
office
of
financial
empowerment
to
engage
companies
and
the
financial
services
and
financial
technology
sectors
to
seek
answers
to
this
issue
in
Philadelphia.
F
Although
there's
still
work
to
do
we're,
starting
to
see
a
shift
in
this
industry
towards
more
inclusive,
more
accessible
spaces
and
products,
the
same
wave
of
innovation
that
is
ushering
in
cashless
businesses
across
the
u.s.
in
the
world
should
be
harnessed
to
solve
the
problem
of
a
financial
exclusion
Philadelphia
with
its
growing
economy,
young
tech,
talent,
equity,
focused
community
and
problem-solving
attitude
has
an
opportunity
to
be
out
in
front
as
a
leader
on
this
issue.
Thank
you
for
this
opportunity
to
testify
today
and
I'm
happy
to
answer
any
questions.
Thank.
C
You,
mr.
chairman,
thank
you
all
all
three
of
you
for
your
testimony
and
the
work
you're
doing
on
this
issue.
Mr.
Hall
first
I
have
to
say
I
didn't
know
a
lot
about
the
financial
empowerment
center.
So
I'm
glad
to
hear
all
that
now
you
say
towards
the
end,
since
2017
FCC
capacity
has
declined,
leading
to
a
drop
of
clients.
Do
I
interpret
that
to
mean
you
don't
have
the
same
amount
of
money.
Is
that
what
the
capacity
means
that's
correct!
I
figured
that
okay,
how
do
you
get
the
funding
for?
D
The
financial
empowerment
centers
were
launched.
It
was
a
from
the
Bloomberg
foundation
that
funded
them
for
the
first
three
years.
At
some
point,
our
office
applied
CSBG
funding
as
well.
Three
years
ago
we
got
some
funding
from
ph
fa
and
the
rest
of
it
is
smaller
amounts
from
financial
institution
partners.
But
it's
a
lot
of
fundraising.
Okay
and.
C
D
C
C
D
D
Want
to
get
the
numbers
right
here
so
yeah.
If
you
take
the
2.7
million
in
savings
and
the
16.7
million
in
reduced
debt,
it
creates
nineteen
point
four
million
in
wealth
for
the
client
by
either
reducing
their
debt
or
increasing
their
savings.
I
say
over
six
dollars,
because
I
have
only
estimates
so
far
and
how
much
money
is
saved
by
having
better
credit
scores.
So
the
six
dollars
is
based
on
the
total
investment
to
date
and
the
debt
reduction
in
the
savings
increase.
D
C
Lastly,
you
all
all
three
of
you
referred
to
issues
with
banks.
Obviously
four
because
of
this
issue
and
I
know,
banks
in
some
areas
have
closed
over
the
years.
What
work
is
being
done
here
with
the
city
or
other
organizations
to
try
to
deal
with
that
issue
and
try
to
get
more
like
I
noticed
on
Girard
Avenue
near
me,
there
was
a
bank
forgetting
the
branch
now
just
opened.
There
was
no
bank
on
that
whole
stretch
of
Drott
Avenue
for
a
long
time,
volt.
C
Yes,
yes,
what
work
is
being
done
to
try
to
work
with
the
banks,
see
what
the
problem?
What
is
the
problem?
A
lot
of
times,
security
or
lack
of
customers?
Involvement,
because
a
lot
of
times
we
hear
complaints?
Well,
you
know,
I
see
people
going
that
Bank
all
the
time,
but
they
closed.
You
know
so,
just
generally
I
don't
know.
If
anybody
has
one
thought
on
that.
D
For
our
bank
on
coalition,
the
the
biggest
initiative
addressing
that
issue
is
the
work
with
the
youth
go
into
the
work
ready
program.
You
know
if
there's
write
down
from
that
stop
at
2017
Girard
there
used
to
be
a
check
casher
there
on
the
south
side
and
Street
so
every
day,
so
living
in
brewery
town.
D
If
I
had
you
know,
go
over
to
get
a
check,
cash
I
would
have
either
had
to
hop
the
bus
down
to
the
Wells
Fargo
on
Fairmount,
walk
a
mile
or
I
could
just
go
into
the
check
casher,
and
so
that
becomes
a
habit.
That's
just
a
thing
that
you
know:
I'm
used
to
going
and
paying
like
the
the
twelve
dollar
fee
or
whatever,
to
get
the
check
cashed
by
working
with
youth
and
helping
them
set
up.
D
E
I
wanted
to
mention
of
great
that
she
brought
up
Fault
in
Bank
and
brewery
sound.
The
reason
that
that
made
the
news
is
because
there
are
named
banks
there,
all
right,
the
the
issue
isn't
that
they
come
to
a
gentrified
area
and
put
a
branches
that
they
weren't
there
twenty
years
ago
before
it
gentrified.
The
issue
that
we
have
with
banks
in
the
community
and
partially
the
issue
for
being
under
bank
or
unbanked
is
that
there
is
distrust.
This
is
an
area.
E
This
is
an
industry
that
actively
redlined
a
community
and
there
isn't
a
belief
that
there's
the
people's
best
interest
at
heart,
so
there
needs
to
be
work,
done.
Work
done
internally
within
the
system,
work
that
can
be
done
on
our
side.
In
order
to
re-establish
that
positive
relationship
we
have
like
well
mentioned,
taught
the
financial
education
in
class
I'm.
Sorry,
the
digital
financial
education,
because
those
are
alternatives
since
again
in
into
the
bank,
but
there's
a
good
portion
of
society-
that's
just
not
there
yet
either,
and
they
just
need
someone.
E
C
Appreciate
actually
many
years
ago
there
was
a
bank
on
Girard
Avenue,
but
just
when
I
say
the
name,
you
know
it's
been.
Awhile
goes
fidelity
bank.
What's
up,
won't
you
hard
Avenue
for
a
long
time
right
at
29th
Street.
There
I
think
actually,
where
the
check
cashing
place
may
have
opened.
You
know
so,
but
it
it
was
for
a
long
time,
a
bank
less
area
and
that
just
caused
all.
You
know
a
lot
of
concern
because,
like
you
say
you
could
either
go
to
the
check,
cashing
place.
I
go
to
another
bank.
C
A
lot
of
people
just
didn't,
have
the
mobility
to
go
and
there
were
another
bank,
so
the
check
cashing
was
the
only
option
really.
That
was
costly,
obviously,
and
just
one
last
thing.
Mr.
Thomas,
you
mentioned
about
banks,
accepting
the
city.
Id
is
the
city
working
with
banks
at
all
to
try
to
ensure
I
know
you
can't
make
them
do
it,
but
Sylvie?
C
F
C
F
G
D
G
G
D
G
You
did
your
math
just
make
sure
I
understand
your
math
equation
here.
I
guess
you
took
the
cost
from
when
you're
opened
in
2013
to
today
you
took
the
annual
budget
multiply
that
by
the
years
and
then
divided
it
by
the
CS
nine
point:
seven
to
two
point:
seven:
okay,
yep
I
mean
it's
a
great
program.
That's
why
we
hate
to
see
it
not
continue
on
the
area.
I
just
want
to
make
this
comment
on
the
area
of
financial
literacy.
G
This
council
put
forth
a
resolution
back
in
February,
asking
the
state
to
provide
mandatory
pre-k
to
12th
grade
financial
literacy
courses,
so
we're
waiting
for
our
state
legislators
to
make
it
happen.
So
whatever
you
could
do
to
help
us
with
that
B,
it
would
be
great
and
I've
one
other
question:
I
want
to
understand
on
people
not
being
able
to
be
banked.
Is
it
the
monthly
cost
of
opening
an
account?
But
what
is
the
major
reason
where
they
can't
get
a
bank
account
access
location?
What
is
the
major
reason.
E
It's
either
at
all
a
bank
or
I
had
an
activity
in
my
youth.
That's
prevented
me
from
getting
a
bank
account
today.
This
is
one
of
those
things
where
the
crime
just
doesn't
fit.
The
punishment
you
know
I
was
a
branch
manager
back
when
a
empty
ATM
envelopes
was
a
thing.
Banks
have
progressed
that
you
can't
really
do
that
anymore,
but
the
most
anybody
ever
made
was
$300
and
to
be
20
years
later
and
still
can't
get
a
bank
account
for
something
you
did
when
you
were
21
is
ridiculous,
but
those
three
things
so.
G
When
you're
going,
if
you
have
a
bank,
account
I'm
just
using
example,
it
has
$100
in
the
account-
and
you
go
in
with
a
check
today-
that's
$1,000
to
say,
and
they
can't
cover
that
check
with
your
account.
Can't
they
electronically
verify
those
funds
pretty
quickly.
Yes,
what's
the
timeframe,
do
you
know,
don't
verify
the
funds
if.
G
Here's
what
we
just
did
it
myself
is,
did
a
quick
survey
of
three
lenders
who
don't
have
any
costs
to
open
an
account.
One
is
first,
one
is
Republic,
Bank
ones,
fill
of
your
fellow
credit
union
ones.
True,
mark,
there's
no
cost
open
an
account
or
monthly
fees
with
them,
so
that
would
be
that
will
remove
one
of
the
obstacles.
G
E
D
National
Account
standards
certified
account
it's
a
five
dollar
monthly
fee,
but
it'll
never
be
another
fee.
There's
no,
there's
no
way
to
get
in
trouble
with
the
account
and
the
five
dollars
is
priced
under
what
a
check
cash.
It
would
be
so
you're
you're
still
saving
money
on
your
banking
cost.
Of
course
there
are
free
accounts,
but
they
usually
come
with
these
other
fees
that
can
get
to
clients,
so
it
sort
of
depends
on
the
client
need
so.
D
Think
it's
a
yeah
working
one-on-one
with
clients
who
are
hard
to
change
from
unbanked
to
banked
for
some
folks
there's
an
easy
lever
to
pull
around
put
a
bank
in
their
neighborhood,
a
public
bank
things
like
that.
But
you
know
for
some
folks:
that's
just
a
lifelong
habit
like
it's
it's.
What
I
do
until
I
be
told
that
this
is
costing
you
money.
D
Professor
Servan,
from
University
of
Pennsylvania
were
to
book
the
unbanked
of
America
and
she
spent
I
think
it
was
six
months
working
in
a
check,
cashing
institution.
She
got
tipped
from
the
people
who
came
in
and
cashed
the
checks
she
got
Christmas
cards
and
cookies,
and
things
like
that
to
be
told
that
that
institution
is
taking
money
out
of
your
pocket
seems
you
know,
can
be
jarring
and
so
to
have
somebody
like
a
counselor.
F
F
Not
an
expert
on
banking,
but
I
guess
I,
would
say
I.
Think
bank
accounts
that
are,
you
know,
not
rife
with
fees
so
that
everybody
can
have.
One
I
actually
had
a
conversation
with
someone
in
Europe
and
they
said
that
that,
unlike
here,
it's
almost
impossible
to
live
beyond
your
means
to
the
credit
card,
because
in
Europe
they
don't
allow
people
to
spend
beyond
their
means
and
that
way
have
much
more
rigorous
caps.
G
E
The
thing
with
check
cashing
places
that
people
in
the
community
like,
and
it
was
reported
in
studies
that
just
transparent
I,
know
what
it
is
ahead
of
time.
What
my
fee
is
gonna
be
and
it
never
gets
snuck
up
on
me.
I
never
come
back
and
see
money
missing
from
my
account,
so
the
transparency
needs
to
be
added
to
the
banking
industry,
but
there
are
also
just
problems
that
depart
the
private
market
can't
solve
just
like
their
ones.
E
Government
can't
solve,
and
when
you
start
thinking
about
taking
people's
life
experience
and
their
disenfranchisement
from
an
industry
and
their
habits
and
then
working
to
build
credit,
that's
an
endeavor
that
it
doesn't
necessarily
that
isn't
right
with
profit,
which
is
why
the
government
may
need
to
step
in,
which
is
why,
when
I
say
a
public
bank,
it's
more
about
being
able
to
do
something
holistically
for
a
population
that
might
not
necessarily
drop
the
register.
Okay,.
C
Thank
You
councilman
just
follow
up
on
you
I
think
you
touched
on
this
is
the
do
you
find
there's
still
a
fair
amount
of
just
general
distrust
of
the
banks,
particularly
among
in
the
immigrant
community
they're,
just
not
sure
they're.
Just
not
you
know
they'd
rather
have
that
cash
right
in
their
hand,
and
they
know
what
they
have
that
you.
You
still
see
that
and
had
it
in.
If
so,
has
there
been
any
success
in
addressing
it
to
make
people
feel
more
confident?
You.
D
Know
so
in
our
survey,
our
new
Americans
survey
or
Financial
Inclusion
for
new
Americans
survey,
specifically
among
new
American
population,
generally
had
to
do
with
the
strength
of
the
banking
system
in
the
country
of
origin.
So
if
you
came
from
a
country
with
a
strong
independent
banking
system
that
you
could
trust,
you
were
more
likely
to
trust
more
coughing
here.
If
you,
you
know,
have
like
a
single
bank
country
that
was,
you
know,
corrupt,
that
you
were
less
likely
to
trust
like
banks
when
you
right
here
and
yeah
as
far
as
the
distrust
generally
goes.
D
Yes,
there's
still
a
high
amount
of
distrust.
You
know
these
institutions
do
so
many
different
things
that
when
you
hear
about
a
mortgage
lending
scandal,
like
all
right
was
pointed
out
around
redlining
when
he
find
out
about
you
know
somebody
opening
accounts
on
behalf
of
clients
that
were
not
authorized.
It's
hard
to
separate
that
out
from
you
know
my
checking
account,
which
is
highly
regulated
by
four
different
federal
regulators
and
is
kept
relatively
safe.
So
yeah
things
like
that
do
lead
to
distrust
yeah.
C
Cuz
I
heard
that
one
we
were
doing
that
whole
the
whole
casual
spill.
There
were
some
people
just
say:
I,
don't
I
want
to
use
cat
I,
don't
I,
don't
trust
the
bank
or
I,
don't
trust
the
credit
card
companies
blob.
You
know
that
kind
of
thing
and
I
know
that's
and
I
think
you
make
a
good
point
if
particularly
immigrants
come
from
countries
where
that
was
a
problem,
they're
less
confident
in
doing
something
here.
So
so
I
guess
that's
a
continue.
You
know
the
work
continues
on
issues
like
that.
C
Anyone
else
here
that
wants
testify
on
this
resolution,
one
nine
zero
at
7:21,
okay,
as
I
said
we're
and,
first
of
all,
thank
you
all
actually
I'm
kind
of
feel
good
about
the
work.
That's
being
done,
it's
it's
clear
that
people
are
seeing
the
problem
trying
to
deal
with
it.
It's
not
something
that's
gonna
be
solved
in
next
week
and,
like
I
said,
I
I
won't
be
here,
but
I'm
sure
that
the
next
council
will
all
solve
that
problem.
Totally.
You
know,
and
by
the
way,
mr.