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FYI: Nineteen out of 29 New York City bank branches in a recent survey failed to promote the affordable “basic banking” accounts mandated by state law. According to a NYPIRG survey released today, the banks did not make information about the accounts readily available through posted signs, brochures or conversations with tellers. Furthermore, other financial options that are often heavily marketed in low-income communities, such as check cashing services and pre-paid debit cards, cost customers almost $300 more annually than the basic banking rate, set by state law at $36 per year. High fees for extra transactions and foreign ATM withdrawals compound the burden on low-income New Yorkers. [6/19/03]

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