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Since 2007, residents of public housing have had the option to pay their rent at select banks. Earlier this week, Victory State Bank joined the partnership, making it the first financial institution on Staten Island to participate in the program.

The New York City Housing Authority says the mission of this now citywide initiative is two-fold.

"This was a program that was established to help our residents pay their rent in a more convenient fashion for themselves and to provide an opportunity for them to get some financial literacy in the process," said NYCHA General Manager Michael Kelly.

Residents can pay with cash at any of the 21 participating bank branches scattered through out the city -- nine in manhattan, five on Staten Island, three in Queens and two in the Bronx and Brooklyn.

There is a processing fee of up to $2. Residents are not required to open accounts with the participating banks, but under the initiative they are offered low or no cost bank products. With many paying their rent at check cashing stores, this option opens doors for residents who are currently unbanked.

"Some are a little intimidated by the bank. Especially because of cultural reasons or thinking that the bank is way to expensive for them to afford to have an account at. So this is a way that we can actually help them out by giving them a low cost alternative," said Victory State Bank President & CEO Ralph Branca.

NYCHA residents on Staten Island who spoke with NY1 welcomed the partnership with Victory State Bank.

Grace O'Connor, a 38-year resident of South Beach Houses who has an account with Chase, says she looks forward to the financial literacy classes Victory State Bank is planning to organize for public housing residents later this year.

"Well that would be good because I don't know anything about it. All I know is how to write the check out, that's it. As far as interest and all that I don't know anything about that," O'Connor said.

Stapleton Houses resident Owen James is unbanked and says while he's happy to now pay his rent at a bank on Staten Island, he would like more options in his neighborhood.

"The initiative is good but we should be able to go to every bank, Citibank, Chase bank, Richmond County Bank and pay the rent," James said.

NYCHA says it is working to expand the program to include more banks and credit unions across the city.