Trying to correct banking’s racial imbalance

Source: Ellen Rosen, N.Y.Times (Paid Registration)

Mr. Wole Coaxum left JPMorgan to create Mobility Capital Finance, known as MoCaFi, a start-up focused on providing free or less expensive financial services to those with low-to-moderate incomes, “people like home health care workers, bus drivers and municipal employees,” he said, who frequently were underserved, discriminated against or shut out from traditional banks.

MoCaFi recently announced that it would expand significantly this summer by offering free deposit accounts at 55,000 A.T.M.s, 40,000 of which will be in the United States, in stores like CVS and Rite Aid. At those A.T.M.s, customers can deposit checks or cash into their accounts and, as a result, avoid checking-cashing businesses.

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