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Full-service, Black-owned Bank to Open Twin Cities Branch
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Detroit-based First Independence Bank plans expansion to Minneapolis
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Detroiters Without Bank Accounts Are Paying the Price For poor residents who can’t afford the fees or don’t trust banks, not having a bank account can actually cost them money. The pandemic has only exacerbated the challenges for unbanked families. Susan Tompor, The Detroit News | April 12, 2021 | Analysis
(TNS) Roughly 8.8 percent of households in metro Detroit haven t taken what financial experts call the first step toward economic inclusion.
They don t have bank accounts. And it s costing them big money to cash checks and borrow money outside the traditional banking system.
Need to cash your stimulus check? Call a local party store or check cashing store in metro Detroit and it could cost you around $60 to $100 just to cash a $1,400 stimulus check at some spots.
Roughly 8.8% of households in metro Detroit haven t taken what financial experts call the first step toward economic inclusion.
They don t have bank accounts. And it s costing them big money to cash checks and borrow money outside the traditional banking system.
Need to cash your stimulus check?
Call a local party store or check cashing store in metro Detroit and it could cost you around $60 to $100 just to cash a $1,400 stimulus check at some spots.
The bigger the check, the more money you re handing over if the fee is based on a percentage of the check s dollar amount.
Check cashing fees can be 6% or more in some local outlets. A $4,200 stimulus check for a family of three could trigger $252 in fees if the store has a 6% fee.
NYSE seeks to boost Detroit entrepreneurship with new boot camp
Tech helps, but access to capital remains difficult
Quasi-public lender Grow Michigan is among program partners
New York Stock Exchange
A key goal of the New York Stock Exchange s new entreprenuer event is to help move the needle on the notion that while technology and other factors have helped to lower the barrier to entry to starting and growing a business, access to capital remains difficult.
As one of the main public exchanges for U.S. corporations, the New York Stock Exchange is generally associated with some of the largest companies in the world.
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