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Hundreds join line at NYC ATM to access unemployment benefits
- JoeAltmaier 6y agoBecause retirees don't know how to Google information about their own bank or retirement benefits.
- smelendez 6y agoUnemployment, not retirement. But that's not the only issue: The bank also has higher withdrawal limits for unemployment recipients than other in-network ATMs, so if you need to access the money right after it's paid out for a big expense like rent, you essentially must use this ATM
- JoeAltmaier 6y agoSorry misread - the pictures showed greyheads. So, change to "folks suspicious of direct deposit have to wait in line".
- jevogel 6y agoAt the end of the article, it was stated that there are other in-network ATMs available -- around 100 per borough -- but that fact wasn't made abundantly clear to recipients. Those ATMs do have lower transaction limits, but it's possible to use back-to-back transactions to withdraw the full amount.
- glofish 6y agoit feels more like a communication issue, the branch could have also just posted a notice on the board that other ATMs may be used
- sixhobbits 6y ago"NYC has only one Keybank Branch leading to queues for unemployment benefits" would be a less clickbaity title
- cylinder 6y agowhy did they not elect for direct deposit?
- knolax 6y agoNot everyone has a bank account. Wikipedia lists the Bronx as one of the places where this is prevalent[0]. [0] https://en.m.wikipedia.org/wiki/Unbanked https://en.m.wikipedia.org/wiki/Unbanked
- stingraycharles 6y agoI'm not sure why you're being downvoted this much, it's a very reasonable question. Heck, the #1 upvoted comment is this is exact same question phrased in a different way.
- dragonwriter 6y agoIf it's anything like California unemployment last time I used it (for paid family leave, not traditional UI), you can't actually “elect for direct deposit” in the simple sense; you get an ATM card and after benefits are first loaded you can go through a process to transfer the balance to your bank, and only then set up future deposits to be transferred automatically to your bank. The bank transfer is not instant, either, it's a 2-3 business day process. The quickest way to get benefits out if you need it the first time is to withdraw the limit from the card at an issuing-bank ATM. And, of course, the people.that are least employment-secure overlap significantly with the unbanked. Can't elect direct deposit if you don't have a bank in the first place.
- jevogel 6y agoAt the end of the article, it states that 80% of the New Yorkers that receive unemployment benefits chose to receive them via direct deposit, and the 20% that didn't received them in the form of a debit card.
- dragonwriter 6y agoRight, what I’m saying, using California UI as an example, is that it's possible that there are implementation-detail-based reasons that people do not choose direct deposit, especially the large surge of new filers in the present predicament who often also had delayed benefits and thus were more likely to have urgent immediate need. The 30,000 foot view of a program often obscures important details; information on California UI I've seen also refers to how many choose direct deposit vs. choosing an ATM card, glossing over the details of the mechanics of how that works which is actually that everyone gets an ATM card, and some people, after getting it, redirect the funds to their bank, which only happens as direct deposit after the first time (and not really even then, IIRC, it still goes into the account tied to the card and then is immediately automatically transferred.)
- kwhitefoot 6y agoWhy wasn't it paid in to bank accounts?
- mumblemumble 6y agoIt was explained better in the (otherwise less informative) BoingBoing article that this originally linked to: Direct deposit is an option, but not everyone takes that option. There are a lot more unbanked people than I think most folks who occupy the more stable corners of the economy realize. All those private businesses that prominently advertise check cashing services littered about major cities? Those signs aren't archaic leftovers from the 1970s; that's still a useful service that a lot of people use.
- luckylion 6y agoWhy is that? I assume operating a bank account can't be that expensive for banks. If they don't let customers withdraw past zero, they don't really have risks, but they could still take a fee. Is there some regulation that makes it unprofitable? Are people okay not having a bank account and don't bother getting one because paying rent in cash is accepted?
- ianleeclark 6y ago> Are people okay not having a bank account and don't bother getting one because paying rent in cash is accepted? It largely is expensive and annoying to not have a bank account. Typically what keeps people from having a bank account is being in poverty: bad credit, no permanent address, dodging debt collectors, and probably a lot more reasons than that.
- 3nf 6y agoYeah, I don't think people understand how expensive it is to be in poverty (overdraft fees, etc.). For some, it makes more sense to use check cashing than struggle with low bank account fees.
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- hellojason 6y ago> customers baked in 79-degree temperatures as they waited Bit dramatic? With summer temperatures of 96+ in Texas, 79 sounds delightful. Is this a common discomfort up North, like the heat wave episode of Seinfeld? I’m fascinated with how we acclimate to different climates.
- ErikVandeWater 6y agoMaybe something about urban heat island affect made it hotter on the ground, closer to a "real" hot temperature?
- Balero 6y agoYes this is hot. In direct sunlight I would find it uncomfortably hot, and would hopefully have some water if I was to wait around for half an hour or more. Conversely I think nothing of going out in shorts and a t-shirt in 45-degrees.
- Spooky23 6y ago79 is not hot for outdoor conditions in NYC. The "baking in the heat" bit works in August when it's in the 90s and swampy.
- michaelmcdonald 6y agoA lot depends on the humidity level. 79 with high humidity is brutal.
- SaltyBackendGuy 6y agoAnecdotally, one summer I drove from Vegas (103) to North Carolina (81) and I preferred the Vegas heat. Humidity is a huge factor.
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- carlosdp 6y ago> A KeyBank spokeswoman said they will be adding signage at the East 22nd Street branch “to remind of the importance of social distancing.” What? Why not a sign with a map of all those 1000+ ATMs they can use for free? This seems like the wrong takeaway.
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- ilamont 6y ago“There are more than 1,000 ATMs in New York City that KeyBank debit cardholders can use for free, including over 100 in each borough, and it is entirely unacceptable that the bank failed to communicate those options to unemployed New Yorkers,” said state Department of Labor spokeswoman Deanna Cohen. I'm kind of amazed that the bank didn't at least put a sign up in the window listing the nearest fee-free alternatives for the sanity of its own employees and the continued operation of the ATM at that location. How many transactions can one machine manage before it runs out of cash or requires maintenance?