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Far too many inner-city communities are “unbanked,” with no choice but to utilize check cashers and pay punitive prices to predatory lenders. Today, more than 35 million households and small businesses nationwide that earn $1 trillion annually are underserved (or not served at all) by banks. In the absence of affordable and convenient banking alternatives, individuals in inner-city communities are unlikely to develop the credit histories and financial tools they need to build real and lasting wealth. 
Enter Checkspring, which is in the business of bringing convenient, affordable, quality banking services to the “unbanked.” Today, CheckSpring is creating a new model for a neighborhood bank with a big vision that combines banking and check cashing services over the same counter. The result: Inner-city residents, who are now ignored by traditional financial institutions, are able to obtain deposit and transaction products to build assets and have an alternative to sub-prime lenders and simple check cashing. How does CheckSpring do what traditional banks don’t do … and think can’t be done? CheckSpring thrives with “unbanked” communities by creating a new kind of bank with a niche focus; one that goes much farther than check cashers by providing the unbanked with the ability to establish bank accounts and access to affordable lending products. CheckSpring has created a unique and cost-effective approach to banking inner-city communities and clientele. In October of '07, the CheckSpring’s flagship location opened at 167th Street and Gerard Avenue in the South Bronx. Located 10 blocks north of Yankee stadium, this first branch is already seeing a great response from the community and serves as a basis for further growth. What’s next for CheckSpring?
CheckSpring is currently adding services and and focussed on identifying additional locations to provide it services. Its small branch locations in unbanked communities will minimize costs and maximize customer convenience.
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