Saturday, December 26, 2015

Strict administrative procedures to avoid ID theft by banks keep a lot of lower income people "unbanked", especially in NYC

Stricter administrative procedures by banks to verify identities of new customers are causing many on the lower economic rungs in New York City to remain unbanked, according to this story in the New York Times Dec. 24, by Michael Corkery and Jessica Silver-Greenberg, “Banks reject New York IDs, leaving ‘Unbanked’ in lurch” (or on “sidelines”).

But my own suggestions for a new system, based on NCOA, proposed here Sept. 25, 2006, intended to make it practically impossible for a new account to be opened without the liable party’s knowledge, could probably run into similar problems. 

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