Bronx Residents To Receive Free Financial Advice
The city launched a pilot program Thursday aiming to provide free financial advice to low income Bronx residents as part of the mayor’s fight against poverty.
The Financial Empowerment Center in Melrose, Bronx offers free one-on-one financial counseling and coaching to low-income residents.
The move comes as a new city-conducted study finds low- and even middle-income residents are using cash checking centers instead of banks because the fees are lower.
“Generally speaking, you’re probably better with one of the larger full-service organizations, and I think the cash checking centers are providing competition to the banks, and that’s good if you believe in capitalism,” said Mayor Michael Bloomberg. “That’s what will keep the fees lower and perhaps out of this some of the banks will lower their fees.”
City officials are also putting together an online directory of low-cost and free financial counseling services available across the city.
For more information, call 311 or visit www.nyc.gov.
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