What it Does
Rebank shares and compares suitable banking options for low income New Yorkers, making it easier for this population to improve their financial situation. With a space for users to share financial questions and concerns, Rebank paves the way for future iterations to broadly support monetary decision-making for low income earners.
Why it matters:
While many low income New Yorkers would like to manage their money in banks, products advertised by financial institutions have restrictive minimums and penalties. Accounts for low income earners do exist, but the details about these less profitable, government-mandated services are confusing and buried deep in bank materials.
Who it helps:
The day laborer who shells out fees every time he cashes a paycheck or sends money home. The first-generation student whose family has never banked, but wants to start saving for college. The father of five who keeps his money in cash, but could save a fortune buying in bulk online.
The potential impact:
A whopping 1 in 4 American households are “underbanked”. On average, underbanked Americans will spend $40,000 on alternative financial service fees in their lifetime. That’s a huge amount for anybody, and particularly meaningful for the 25 million families living on less than $25,000/year.
