Technology Archives - Spring Bank in Bronx, New York

Featuring Five Staff Perspectives

Seven proud years and counting.

When we first joined the B Corp community in 2016, we saw the B Corp model as an opportunity to formalize and be held accountable to our community-centered mission. We exist to create financial inclusion for families, small businesses, and nonprofit leaders in the Bronx and across New York City. Today we experience being a B Corp as a way to certify that our model is working for all our stakeholders; measuring our internal and external impact across our community, workers, customers, the environment, and also as part of a movement of leaders to “go beyond.”

The B Impact Assessment has helped us to understand and guide our path toward carbon neutrality; to shape our products like our E-Bike Loan NYC and accessible and transparent nonprofit and small business checking accounts. We are proud that our score has steadily increased over the years and that today our overall B Impact Score is 161.2 the highest B Corp Bank score in the U.S.

Read Celebrating Earth Day Big! We Are Officially Carbon Neutral

Read Happy B Corp Month, Celebrating 5 Years in the B Corp Movement

Check out Our B Corp Profile

Because we see being part of the B Corp movement as an opportunity for ongoing thinking about how we create positive impact through our business and use our power as a financial institution for the benefit of all, the B Corp values have become the barometer for our decision-making and have influenced our team. So, this year, as we celebrate our seventh B Corp month, we want to share the impact the B Corp movement has made on our team and culture.

Here’s what being B Corp means to us:

Erica Rosero, Small Business & Nonprofit Loan Officer
Community Impact

“Because we are one of a few small community banks in the Bronx, New York, we understand the needs of the people surrounding us. We work hard to ensure our neighbors have equal access and the opportunity to build personal savings and prosperous futures for their families. We also support organizations and community leaders in the Bronx, Harlem, and New York City.

For example, our customer, The Kota Alliance, empowers women and fights for gender equity; Greyston Bakery provides work for people who have experienced barriers to employment through their innovative Open Hiring policy; and University Neighborhood Housing Program (UNHP) helps create thriving neighborhoods. These are just a few of the nonprofits and small businesses we proudly support.

These organizations share a common denominator: empowering our community. By investing in them, we invest in the people surrounding us. We would all benefit if more financial institutions became part of the B Corp movement!”

Read The Kota Alliance: Changing Lives Through Empowerment

Josefa Ruiz, VP/Branch Market Manager

Customer Impact

“We’re unlike other banks in NY because we build and prioritize relationships, offer time and personal attention to our customers. We meet with our clients one-to-one to better understand their financial needs and help provide solutions.”

Read Rooted in Community: A Conversation with Josefa Ruiz, VP & Branch Market Manager

Germarie Medina, Commercial Loan Underwriter
Environmental Impact

“It is tough to imagine how a bank can make a positive environmental contribution. When describing the B Corp movement to my customers, friends, or family, I always start with the fact that we are carbon neutral with no fossil fuel investment pledges. However, when choosing a financial institution, most people do not instinctively consider community and environmental impact.

As an underwriter, I take pride in the fact that we support organizations that work to clean and restore the Bronx River, like Rocking The Boat and The Bronx River Alliance. The nation would be different if all financial institutions adopted the B Corp ethos or became a B Corp.”

Read: How Germarie Uses Her Financial Expertise to Help Her Community

Read: Change Flowing Through Our Community, The Bronx River Alliance

Read: The Bronx is A Place Where Everything Is Possible

Katherine Martinez, Consumer Lending Associate

Workers

“When I started working at Spring Bank, I didn’t know about the B Corp movement or its significance. Now I understand how powerful it is for us as a bank in the financial capital of the world to be the first B Corp bank in New York City. Knowing we are doing something for the community is big for me. I’ve also always been focused on how we can do better for individuals and the environment.”

Read Building Our Bronx Community with Katherine Martinez

Read How B Corps Are Building People-First Workplaces

Susan Chapas, Marketing Analyst

Governance

“Working for a B Corp is extremely reassuring. I know that my work makes a positive impact because Spring Bank’s business structure protects our mission as the first priority. The bank’s decisions must be made ethically — focusing on affordable banking products, equal access, and equitable assistance for underserved communities.”

Read Introducing The E-Bike Loan NYC

Find out how you can bring our Employee Opportunity Program to your organization.

Learn about our nonprofit checking options

Learn about our Green Checking, a personal checking account

National Consumer Protection Week is March 5-11, 2023

The digital world is here to stay. Although automation through technology makes managing money more convenient, it also exposes your personal savings and other information to risks. Cybersecurity is essential for protecting you against unauthorized disclosure, theft, or other privacy threats.

During National Consumer Protection Week, we’re discussing ways to avoid frauds and scams online to protect your personal information and personal savings. Learn about common types of online security thefts and tips you can implement to prevent them from happening to you:

Phishing
Phishing is a cybercrime in which a hacker poses as a reputable organization to trick you into sharing sensitive personal information such as bank logins, credit card numbers, and passwords. Hackers may contact you via phone, text, or email and could pose as your employer or other people you know. They will often use fear, the power of authority, or rely on human kindness to coerce you into sharing your personal information.

Tips to protect against phishing:

Recognize who is contacting you: Are you receiving messages from someone you communicate with regularly? If not, find a way to verify their phone number or email from an outside source.
Notice what they’re asking: Is this something they would typically come to you for? If it feels out of the blue, take your time to think about whether this may be real or not. Also, beware of hackers requesting you to send money through Zelle® and other services. You should only transfer money to those you know and trust.
Be cautious about email attachments: Steer clear of suspicious messages containing attachments or hyperlinks. Check for spelling errors and hover your mouse over the link to reveal its destination before clicking.

Tax Scams

With tax season underway, criminals may look for ways to access your personal information to rob you of your refund, personal savings, or even your identity. People may contact you pretending to be from the IRS claiming that you owe taxes or “requesting verification.” These are called IRS imposter scams and are just one of many tax crimes.

Spot tax scams fast with these tips:

Beware of calls from the IRS: The official IRS will always contact you by mail before calling about unpaid taxes. First, ask the caller to verify their name, badge number, and call back number. Then, call TIGTA at 1-800-366-4484 to confirm their reason for contacting you.
Don’t give in to demands to pay immediately: The IRS does not demand immediate payments, especially through prepaid debit cards, credit cards, gift cards, or wire transfers.
Don’t give in to law enforcement threats: Scammers may threaten to immediately bring in local police and have you arrested for not paying taxes. The IRS or its authorized private collection agencies will never do this.

Stay up to date on tax-related thefts by reviewing the IRS Dirty Dozen list. Every year, the IRS publishes this list of common tax scams and tax evasion schemes to raise awareness among tax filers and professionals.

If you’re looking to get your taxes done, check out our partner Ariva: they offer free tax preparation with IRS-certified professionals and free financial education from expert counselors. Plus, they’re located right upstairs from our Bronx branch.

Identity Theft

Getting your identity stolen can happen to anyone, even the wary. Identity theft occurs when someone uses your personal or financial information without permission. Thieves may use it to spend or steal your money, open credit card accounts, apply for personal loans, or use your health insurance.

Monitor your banking and credit card activity to look for signs that your identity may have been stolen:

Not receiving billing statements or other mail
Receiving reports for credit cards you didn’t apply for
Seeing unknown transactions in your personal checking account
Getting notified by the IRS that more than one tax return has been filed in your name
Being informed about a data breach regarding your personal information where you have an account

Identity theft can be a scary and frustrating experience, but there are steps you can take to protect your personal information:

Secure personal documents: Keep your personal, medical, and financial records safe. Put them somewhere only you and those you trust can access them securely. Shred your documents before disposal.
Update your mobile and online security: Create a strong password, and don’t use the same one for everything. When available, use two-factor authentication for extra protection. It’s always a best practice to regularly update your software for the latest security installments.
Protect your card information: Memorize your PIN and don’t share it with anyone. Only use your card to make purchases on websites you trust. If you save your card information on your phone or laptop, secure your device with a password.

Using technology to manage your finances is a great way to stay on top of bills, track your expenses, transfer money, and so much more. Don’t let the dark side of the web scare you from leveraging such convenience. Protect yourself and your money with these helpful tips.

Check out more tips for smart money management:

Tax season is here, and we want to help you make it the easiest yet for your business. So we’re excited to offer reporting and accounting features powered by Autobooks, available with your Spring Bank business checking account. This easy-to-use solution includes everything you need to send invoices, accept credit card payments, review your earnings, and automate your accounting.

Here are a few reasons why you’ll love using Autobooks this tax season – and beyond:

Autobooks makes it easy to track all your activity in one place. You can add any external account, such as business credit cards, to Autobooks, so you can stay on top of all your activity.

Add efficiency and reduce errors with automated categorization. Autobooks can categorize all payments processed through its system, including bill payments. You can even set up rules to skip tedious categorization tasks in the future.

Be ready with the most up-to-date information, including P&L reports. Autobooks ensures you have all the information you need at your fingertips, like profit and loss statements, balance sheets, and more. Plus, you can export it all to Excel with one click.

Keep more of your money. The Autobooks fee is more competitive than other third-party software platforms like Quickbooks.

Ready to make tax time less stressful this year?

To start with Autobooks, log into your Spring Bank business checking account, click “Send an invoice” or “Accept a payment,” and follow the prompts. If you’re already using Autobooks, simply click on Reporting/Accounting inside Payment Acceptance to add on these powerful features.

We know you have enough to do running your own business. Autobooks is built to be part of your everyday banking experience, even if you’ve just opened a new business bank account. You didn’t get into business to spend all your time on administrative tasks. Do more of what you love and let Autobooks take care of the rest. Try it out by sending a test invoice today or book a demo with us so we can show you how quick and easy it is to use.

In Partnership with GreenPath Financial Wellness

Finance may not be the most romantic of conversation topics, but it’s undoubtedly essential for couples. Studies show that one in five couples claim money as their greatest relationship challenge. In addition, building up emergency savings, paying off debt, and saving for milestone events such as a dream vacation or new home topped the list of goals for couples.

Enjoy a more harmonious relationship by aligning your money matters. Check out our suggestions on how to get started together:

Have Open Communication
If you want to successfully manage your money as a team, it’s important to get comfortable talking about it first. Being transparent about your earnings, debt, and money philosophies may feel awkward initially, but full disclosure is critical when making joint financial decisions. Discussions about merging personal checking accounts and tackling bills are important topics to cover. Make check-ins a regular conversation so you have a sense of how to tackle financial hurdles together when they do happen.

Create Joint Financial Goals
What do you want to achieve as a couple? Do you need to create an emergency fund, or jumpstart personal savings for a home purchase? Are you looking to budget for an upcoming vacation, or pay off a high-interest credit card this year? Narrow down your primary financial priorities and keep them somewhere you can refer to periodically, such as a shared document or financial budgeting app. Finding a system that works for both of you will help you achieve your personal savings milestones.

We can also help get you there. We offer various personal savings accounts to meet your unique needs. For example, our Club/Vacation Savings Account has zero maintenance fees and competitive interest rates to help you save faster for big purchases. Similarly, if both you and your partner have Spring Bank debit cards connected to your personal checking accounts, you can combine points through our Scorecard Rewards program and use those points to upgrade your tech, book that bucket list trip, purchase a new appliance, or dance to your favorite band at that sold-out concert.

Organize Your Accounts
Take time to fine-tune what constitutes “mine,” “yours,” and “ours,” and how much you want to budget within those categories so that you’re comfortable with any shared discretionary spending.

And remember, we offer Zelle as a safe, fast, and easy way to send money. As long as you hold a Spring Bank personal checking or personal savings account, Zelle allows you to securely send money with just a phone number or email address, regardless of where the recipient banks.

Plan for Your Future
Do you need guidance planning your financial future together or creating a realistic household budget? Our nonprofit partner GreenPath Financial Wellness works with thousands of people each month to help them pay down debt, improve their credit, and achieve their goals. Schedule a free and confidential call with them today.

Looking for more financial wellness resources? We’ve got you covered:

LEARN: Tips & tricks to start saving now.
READ: How to budget during times of inflation.
TEACH: Kids & young adults healthy money habits.
BONUS: Need some date night ideas? Check out our NYC Dining Guide!

In partnership with GreenPath Financial

Whether you’re looking to get your first credit card for everyday expenses or apply for personal loan to purchase your first home, credit is essential for helping you meet your financial goals. When applying for a line of credit, the higher your credit score, the more likely it is you will qualify and the more options you’ll have available. Below, we break down the six factors that influence your score—in order of most heavily weighted to least—and the simple, effective steps you can take to boost your score.

Your credit score is based on patterns over time, with an emphasis on more recent information. Improving credit doesn’t happen overnight, but if you implement these tips, you’ll start to see an increase in your credit score.

Understand Your Current Credit Picture
Federal law requires each of the three nationwide consumer credit reporting companies, Equifax, Experian, and TransUnion, to provide a free credit report every 12 months to consumers who request it. While these reports don’t contain your actual score, they are beneficial in identifying what factors might be affecting it as well as any inaccurate information that may need correcting. Unfortunately, research shows that women are more likely to be denied a line of credit, so knowing your score is a great starting point for building a plan to manage it. Request yours at annualcreditreport.com.

Payment History

Payment history is the most significant single factor used to calculate your credit score. Late payments (even only by a couple of days), past due accounts, and accounts in collections all have a negative impact on your credit. Regular, on-time payments of the minimum amount or greater will improve your credit score. On-time payment history for 18 months or longer will show results in a growing credit score. Check out our quick tips for credit card and loan payments below:

Set up automatic payments. If late payments are due to forgetfulness, this is the easiest way to ensure you never miss a future payment.
Change your billing date. Suppose you have multiple bills due on the same day of the month. In that case, it may be worth changing your payment date to better align with your income schedule.
Use personal savings. It always helps to have extra money in a personal savings account for emergencies, or if cash flow happens to be tight – keeping money in a personal savings account can help you avoid late payments, and you can always pay yourself back without penalties later. Explore some of our best savings account online options.
Explore hardship/deferment options. If you’re having trouble making ends meet, call your creditors and request a forbearance or payment deferral. They may also waive late fees or allow a lower payment for some time.

Credit Utilization

Your credit utilization is the total credit limit available to you compared with how much you’re spending, expressed as a percentage. For example, if you have a spending limit of $2,500, and your card balance is $600, then your credit utilization is $600/$2,500, which is 24%. As a rule of thumb, your credit utilization should be no more than 30%. Here are some easy tips to help you lower your credit utilization:

Pay down your balance early. If you make small payments throughout the month, you’ll keep your overall balance down.
Decrease spending. Find areas where you can cut back on spending to lower your utilization.
Ask for a credit line increase. Increasing your credit limit is the simplest way to decrease your credit utilization without cutting back on spending.

Length of Credit History

Although not the most heavily weighted category, the length of a borrower’s credit history is essential. It indicates to financial institutions what kind of borrower you may be in the future. In addition to the overall time an individual has had credit accounts open, credit history is also determined by how long specific types of accounts have been open, and how long it’s been since those accounts were used. We recommend keeping your cards open, as closing a credit card can negatively affect your score. If you have cards you aren’t using, placing a small recurring charge on them (such as a phone bill or streaming subscription) can help to keep the card active while keeping your overall credit utilization low.

Credit Mix

Credit mix is determined by the types of credit you are carrying. This includes credit cards, retail accounts, installment loans, mortgage loans, and your payment history in each area. You may already have a fair credit mix—things like credit cards, personal loans, auto loans, and mortgage loans are all considered different types of credit. Since your credit mix isn’t the most impactful category, you should only apply for personal loan if it makes sense for you and your financial needs. We’ve got a lot of options that are customized to our community; our Credit Builder Loan is a great way to build a healthy credit score, no matter whether you’re starting out or starting over.

New Credit

It’s important to open new credit accounts only as needed. Every time you apply for a new credit card, this creates a “hard inquiry” on your credit, which automatically lowers your score briefly. Plus, having more credit than needed can encourage unnecessary spending and increase debt.

Hard inquiries appear differently on your report for different types of loans. While multiple searches over a short time frame for credit cards may result in significant score damage, other inquiries—such as home or auto loans—are reported slightly differently. Since lenders know people often shop around, these inquiries won’t hit your report for 30 days, and when they do, they’ll be counted as a singular inquiry.

We’re here to help you build healthy money habits. If you need extra help navigating your credit report, get in touch with our trusted nonprofit partner GreenPath: their credit counselors can walk you through a free credit report review and help you make a plan for managing your credit score to support your goals.

Looking for more information on how to apply for personal loan? Check out our personal loan options, read stories of borrowers just like you, or meet our loan officer.

We strive to be more than a bank. Our goal is to bring ethical and inclusive finance to the Bronx and the greater New York City area. As NYC Climate Week kicks off, we want to share our recent pledge to Bank.Green’s Fossil Free Banking Alliance, an organization that recognizes banks that divest from — or, as in our case, have never invested in — fossil fuels.

With this new commitment, we certify that we will not fund the production or extraction of fossil fuels. Pledging with Bank.Green is just one of the ways we take action on our commitment to better banking with Bank for Good, the national movement of banks who recognize their responsibility to address the climate crisis.

We also continue to improve our measures internally. For example, we have been carbon neutral since 2018. As a B Corp, doubling down on our environmental impact is a core value of our ethos.

We’re making certain that we’re not only carbon neutral, but also ensuring that our actions internally and externally reflect the same goals in protecting the environment.

We take a stand against fossil fuels because it not only negatively impacts the environment at large, but they also directly contribute to climate change’s effects on the communities we serve. According to the EPA, “the effects of climate change disproportionately fall on underserved communities who are least able to prepare for, and recover from, heat waves, poor air quality, flooding, and other impacts.” In short, environmental inequity goes hand-in-hand with financial inequity. Taking the Bank.Green pledge and taking action is a part of our vision to build abundant futures for our clients and their families for the long-term.

There is no set plan for sustainability that will work forever. We are constantly evolving in terms of our goals and initiatives to improve our impact.

We adapt to changes as we continue our sustainable journey. With our commitments to Bank.Green, Bank for Good, as well as other climate-friendly initiatives like our E-Bike Loan NYC and Green Personal Checking Account, we are closer than ever to transforming how banks do business for good. We hope to inspire other banks in NY – and across the country – to do the same.

Ready to take climate action? Check out some ways you can go green with us:

Enroll in paperless statements for your personal checking account, personal savings account, or business checking account.
Encourage your employer to enroll in our Employee Opportunity Program, so that you and your colleagues can make your commute cleaner and greener when you apply for personal loan through our E-Bike Loan NYC.
Get your kids involved in nature-based activities, like boatbuilding, sailing, and environmental science with Rocking the Boat, our nonprofit partner.
Join our nonprofit partners at Bronx River Alliance for a variety of community outdoors activities, including paddling the river, gardening, and volunteering opportunities.
Interested in learning if your bank is contributing to climate chaos? Find your bank’s report on Bank.Green.

In partnership with GreenPath Financial Wellness

Many of us at Spring Bank are parents or guardians, and we understand that how we handle finances sends a powerful message. Demonstrating healthy money management teaches kids best practices in personal finance. We love when you bring your kids into our branches!

Check out these six tips to teach and model positive money behaviors with your children and teenagers:

Share the Story of Money in Everyday Life

Everyday activities like shopping or family outings provide a chance to discuss using money wisely. Have them consider the cost of toys, groceries, trips to restaurants, or admission to special events. Emphasize that worth is not solely defined by money: there is value in free experiences. For example, helping a neighbor, visiting a playground, or spending time with a friend.

Point Out How Adults Earn Money

Discuss how you and other family members earn money. Guide younger individuals to understand that people have jobs or own businesses to earn income. Use their teachers, bus drivers, or family friends as an example. This is also a good opportunity to allow them to experience working themselves. Brainstorm how they can earn their own spending money by doing chores, dog walking, babysitting, or other tasks.

Build a Basic Budget

Working with kids to build a simple budget, allowing them to plan their spending, is time well spent. They can practice creating personal savings for a special item or upcoming event. Start simple with a written spending plan, including allowance, weekly saving amount, and spending record. Get them to develop a habit of monitoring their own youth savings account to ensure they are on track and not overspending. Create incentives for meeting specific goals to reinforce good practice.

Plan Out Purchases

Kids are notorious for having an “I see it, I want it” mentality. Work with them to build intentional buying habits by making a list before going to the store to reduce impulse decisions. Then when they ask if they can have something else, remind them that it’s not on the list. For older kids, introduce the idea of waiting to buy something they want. Delayed gratification is a complex concept even for most adults! For items on a “wish list,” talk about how much it costs and help them plan for the money required to purchase it.

Model Good Use of Credit

For example, let the kids know when you’re swiping your card at the gas station. Explain that you’re borrowing money to fill up the tank, and you’ll have to pay back the purchase. When the credit card bill for that purchase arrives, highlight the importance of honoring your agreements with the lender by making on-time payments and keeping balances low. For teenagers, introduce the topic of a credit score and credit report. Teenagers considering how low rates stll are) should be aware that a positive credit report will help them in the future if they decide to apply for personal loans.

Stress the Habit of Saving

Teach your children the importance of setting aside money from an early age. Use their earned income or a small portion of their birthday money to create savings for emergencies or a special future purchase. Emphasize the importance when including a savings amount in the budget. They may be reluctant due to delayed gratification, so be sure to communicate that having savings is not taking away from their hard-earned money.

The best thing you can do for your children’s future is to set a foundation for good financial health. We hope these tips equip them with financial literacy early on and help your kids develop healthy attitudes and behaviors with money. Help them open a personal savings account with us today!

We’ll always tout the benefits of having a healthy amount of money in a personal savings account. Still, since we all have to spend money every day, whether it’s on groceries, gas, or life’s other necessities, why not earn rewards for the money you have to spend?

Introducing Our ScoreCard Rewards Program

Make your money work harder for you with our ScoreCard Rewards Program. Earn points when you spend with your Spring Bank debit card and redeem them on the vast selection of rewards. From 4-star hotel stays to designer fashion and trendy appliances, there’s something for everyone. So register your Scorecard account today to view your accrued points and treat yourself to all the perks your debit card can help you receive!

How It Works:

First, enroll your card to start accumulating points as you spend.
Make purchases with your Spring Bank debit card from either your personal checking account or business checking account as you usually would – both are eligible to earn and redeem points.
Earn 1 point for every $2 you spend with a signature or every $4 you spend using your PIN.
Redeem your points for travel, merchandise (like electronics, appliances, and more), or experiences like concerts and special events.

Ways to Earn Points Faster

Customers who hold multiple debit cards from their Spring Bank personal checking accounts or business checking accounts are welcome to combine points into a single rewards account. For business bank accounts, the business can earn points from all associated cards, though the owner is the only one who can claim rewards – all cards remain under the account owner’s control.

Likewise, households can merge points. For example, if you and your spouse have Spring Bank debit cards connected to your personal checking accounts, you can combine points to earn rewards faster and redeem points for rewards!

We’re offering 2,500 points as a special sign-on bonus to reward those who enroll in the program and use your debit card within 60 days of enrollment. Plus, any customer who signs up also gets 500 bonus points on their birthday!

Ready to upgrade your tech, book that bucket list trip, or dance to your favorite band at that sold-out concert? Register your card and start earning points today!

Financial literacy is understanding how to effectively manage household finances, handle debt, create a budget, and build savings. Being in the know about your personal finances is a critical step in achieving financial security and freedom. In addition, working toward financial literacy strengthens your relationship with money and sets you up for a lifetime of financial health and wellness.

We partner with GreenPath, a trusted national nonprofit, to offer free financial counseling and support to folks seeking financial guidance, especially in managing personal finances, budgeting, personal savings, and debt.

Check out these top 5 resources to get you started on the path to financial freedom:

Financial Terms Glossary: It helps to know what all that lingo means! Understanding terms like interest rates, compound interest, balloon payments, secured vs. unsecured debt, and other concepts enables you to understand your personal finances and better communicate your financial needs.
Financial Calculators: A healthy financial future begins with an understanding of your current situation. Online financial calculators help you run the numbers and answer questions related to financing your home, applying for personal loans or the impact of interest on any outstanding credit card debt. They can even help develop budgets to reduce your personal checking account spending.
Financial Wellness Resources: Financial literacy is about having good information at your fingertips. Check out GreenPath’s library of financial worksheets and guides and our 3 top tips on personal finances and how to make money resolutions that stick.
On-Demand Webinars: Webinars make learning easy from the comfort of your home. From budgeting, managing student loans, building your personal savings account, building credit, and more, free access to financial webinars, you can learn in your spare time.
Credit Report Review: Studies show 1 in 3 Americans never check their credit report despite knowing credit history is key to financial security. Regularly monitoring your credit can alert you to errors, protect you from fraud, and provide vital information to strengthen your credit score. GreenPath’s certified credit counselors can walk you through a free review of your credit report—you’ll learn how to read your report and how credit scoring works.

Financial literacy is the key to success in managing your money. 🔑Want to learn more? Check out our top tips for building a prosperous financial future, or learn how to make small changes to reach your financial goals this year. Then, please drop into one of our NYC branches to open your personal checking account, and personal savings account today!

“I live at the bottom of a hill. With my old, non-electric bicycle, I used to push it up that hill, then again and again because my neighborhood has a lot of hills. I was practically pushing it all the way to work! But now I can enjoy the ride because of my new E-Bike and the E-Bike Loan NYC I received from Spring Bank.” – Pamela Martinez

Pamela Martinez is a teacher’s assistant here in The Bronx and the Hunts Point Alliance for Children, and she was one of the first New Yorkers to receive an E-Bike and E-Bike Loan NYC through our partnership with the Equitable Commute Project (ECP). The ECP was developed at the height of the Covid-19 pandemic as a partnership between NYU Stern, the Hope Program, Electric Avenue, Transportation Alternatives, and us as the financing partner. Our mission is to create a healthier, more affordable, and greener commute for the one million+ NYC frontline workers.

Through our new E-Bike Loan NYC, employees can receive a loan of up to $2500 to use for a new E-Bike, which will also help them build their credit and savings – all with no minimum credit score requirement.

“I’d wanted an E-Bike for a long time! And my employer knew that I rode my old bike to work every day. But for me, not being from this country, I didn’t have credit yet. However, I learned I could get the E-Bike Loan NYC through the Employee Opportunity Program from Spring Bank, and I could pay it back little by little. So I applied, and my loan was approved right away! Now I love riding my new E-Bike, especially because I have to carry so much back and forth every day,” Pamela says.

If you bank with us, you know that we’re so much more than just a bank – even though we are one of the best banks in NY! We’re a community. And that’s why we were so excited to work with Pamela. She takes care of the people around her: developing daily science experiments and dance parties for the kids, collecting winter coats for donation on Giving Tuesday, and even ensuring that struggling families in the neighborhood get connected to the services they need.

“I love my job,” says Pamela with a smile. “I love helping people. I love that we’re doing good for kids, families, and the community. Hunts Point has a lot to give. You have to dig and find the resources – and that’s what we do for these families.”

Ensuring that our customers and community are taken care of is always at the top of our minds. Therefore, we designed the application process for the E-Bike Loan NYC to be as smooth and straightforward as possible. Learn more about it here.

“Everyone at Spring Bank was so helpful!” Pamela says. “Because I went through my company, they had a lot of the information I needed. Everything else I could do by myself online – it was very easy.”

Commuting by E-Bike is a good choice for more than just your wallet. It’s often more reliable than public transportation. And as Pamela notes, it’s also good for the environment, which means a healthier, greener future for her children and students.

“I ride my E-Bike everywhere now: to the beach, visit my family in Brooklyn, and even go to Costco with it! Everybody knows me as ‘The Bike Lady’ in the supermarket,” she laughs.

We love to see it! 🙌🏽 🚴🏽

Ready to get an E-Bike of your own? Learn more about our E-Bike Loan NYC. If you’re an NYC employer, check out how you can support the financial health of your employees with our Employee Opportunity Program, which includes the E-Bike Loan NYC. Find out more about the Equitable Commute Project. Finally, check out our personal savings and personal checking accounts. We’re honored to serve the people of New York as one of the best banks in The Bronx, New York!