Real Estate

Banks on wheels are temporary solution for underbanked areas

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A banking van for the Lower East Side People’s Federal Credit Union parked on the curb of West Tremont Avenue in The Bronx.

Rebecca Picciotto | CNBC

NEW YORK – Parked on the curb of West Tremont Avenue in the Bronx, amid a chain of sedans and minivans, there is sometimes a bank on wheels.

The Lower East Side People’s Federal Credit Union, a nonprofit that provides banking services to New York’s financially underserved neighborhoods, launched its mobile branch in a refurbished school bus in 2014 following the devastation of superstorm Sandy, which forced the closure of its brick-and-mortar branch. It has since upgraded to a specially designed Mercedes-Benz van that serves New York’s Lower…



Source cnbc.com

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