Print

DCWP Releases Updated Research Brief: 238,900 Households in NYC Are Unbanked

September 24, 2025

NEW YORK, NY – NYC Department of Consumer and Worker Protection (DCWP) Commissioner Vilda Vera Mayuga today released a brief identifying the number of unbanked households in New York City. The research brief, which is updated biennially, describes geographic and demographic characteristics of the city’s unbanked population, spotlighting systemic barriers to banking access. While 66,800 households have become banked since 2021, an estimated 238,900 NYC households (7.0%) have no bank account in 2023, higher than the national average of 4.2%.

“The good news is that — under our administration — more and more families in New York City have signed up for a bank account to save money, accrue interest, and manage their finances. The even better news is that the Adams administration is launching new initiatives to make sure that every family has that opportunity and drive the percentages of unbanked households down even further,” said New York City Mayor Eric Adams. “From our NYC Financial Empowerment Centers that offer free counseling to our Financial Literacy for Youth program to teach every young person how to save and spend money, we are helping every New Yorker manage their finances and creating a more affordable city for all.”

“While it’s promising to see the number of unbanked households trending downwards, New York City still has too many families relying on high-cost alternative financial services, like check cashers, non-bank money orders, prepaid cards, and pawn shops,” said DCWP Commissioner Vilda Vera Mayuga. “If you lack access to a bank account, I urge you to open a safe and affordable account today. Make a FREE appointment at an NYC Financial Empowerment Center today—our counselors can help find the right account for you.”

Data Highlights:

  • In NYC, 7.0%, or 238,900 households, have no bank account (unbanked).
  • NYC households remain more likely than households nationally to be unbanked: 7.0% versus 4.2%. 
  • Both the NYC and national unbanked rates declined compared to 2021 rates.
  • Despite some improvements, Bronx households still have a greater unbanked rate (13.5%) than households in all other boroughs.
  • Across NYC in 2023, more than half (55.4%) of all adult residents reported using online banking. During the pandemic, about 10 in 33 adult residents reported using mobile banking services. In 2023, the proportion grew to 10 in 21 adult residents.   
  • For every pawnshop in the Bronx, there are about 1.7 bank or credit union branches, compared to 6.8 in Brooklyn, 7.4 in Manhattan, 7.6 in Queens, and 11.7 in Staten Island.

Map of New York City: 238,900 NYC Households are Unbanked

The report is an update to DCWP’s 2021 unbanked brief and uses data from a 2023 national survey, the most recent data available. 

DCWP partners with several banks and credit unions to offer the NYC SafeStart Account, a safe and affordable starter savings account for New Yorkers. NYC SafeStart accounts offer an ATM card for withdrawals and feature no overdraft fees or monthly fees as long as the minimum balance of $25 is met. Many of the participating banks and credit unions also accept IDNYC as a primary form of identification to open an account. 

Counselors at the NYC Financial Empowerment Centers can also help New Yorkers understand their banking options and find the account that best meets their needs. The Centers provide free, one-on-one professional financial counseling to help New Yorkers manage their money, establish, or improve their credit, set up a spending plan, open a safe and affordable bank account, contact their lenders about debt, develop a strategy to reduce debt or lower payments, and more. Since 2008, NYC Financial Empowerment Centers have helped tens of thousands of New Yorkers improve their credit, reduce their debt by more than $127 million, and increase their savings by more than $14 million through free one-on-one financial counseling services. New Yorkers can book a free and confidential appointment with a professional financial counselor by visiting nyc.gov/TalkMoney or calling 311 and saying “Financial Counseling.” Services are available in person or by phone and in multiple languages.

 

The NYC Department of Consumer and Worker Protection (DCWP) protects and enhances the daily economic lives of New Yorkers to create thriving communities. DCWP licenses nearly 45,000 businesses in more than 40 industries and enforces key consumer protection and workplace laws that apply to countless more. By supporting businesses through equitable enforcement and access to resources, DCWP protects the marketplace from predatory practices and strives to create a culture of compliance. DCWP empowers consumers and working families by providing the tools and resources they need to achieve financial health and work-life balance. DCWP also conducts research and advocates for public policy that furthers its work to support New York City’s communities. For more information about DCWP and its work, call 311 or visit DCWP at nyc.gov/dcwp, sign up for its newsletter, or follow on its social media sites, X, Facebook, Instagram, and YouTube.


Media Contact:
Stephany Vasquez Sanchez
Department of Consumer and Worker Protection
(212) 436-0042
press@dcwp.nyc.gov