From Mayor Bloomberg’ State of the City speach
January 21, 2010 | alternatives, personal finance | Comments (0)“The City can’t manage anyone’s personal finances, but we can make it easier for New Yorkers to manage their own -and we will. We’ll start by helping more New Yorkers get out of debt with a new public-private loan pool that will offer them a fresh start if they commit to sound financial practices. And to help more families protect their earnings and build savings, our Department of Consumer Affairs has found five banks and five credits unions that have volunteered to launch bank accounts that will be the first of their kind in the nation.
“We’re calling them ‘NYC Safe Start’ because they won’t require minimum balances, and they won’t charge hidden fees. If you want overdraft protection or other services, you can opt for a traditional account, but with NYC Safe Start, you can’t withdraw more than you’ve got so you can’t be penalized for forgetting your balance.
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