A Mobile Bank On Wheels Reaches Bronx Residents Where They Are
The Bronx, New York City, New York - At the height of the pandemic, bank after bank began shuttering across the Bronx — between 2019 and 2021, seven banks closed 17 branches, with more than half happening in 2020, according to The Association for Neighborhood & Housing Development. The closures exacerbated an existing problem: prior to COVID-19, the Bronx had the fewest bank branches and the most check cashers and pawnshops per household in the state, possibly the country.
Community organizers in the Bronx had spoken out about the closures since 2019. But they weren’t making headway with the banks, who claimed they lost money on those branches, or banking regulators, as both state and federal agencies claimed they lacked enforcement power to stop the closures.
So those same organizers found a solution to address the problem themselves: a mobile banking branch, free to travel the 42-square-mile borough.