44 million unbanked Americans
February 5, 2009 | alternatives, industry, personal finance | Comments (2)A long awaited FDIC report on unbanked Americans was released today. From the AP story:
An estimated 28 million people in the U.S. don’t have bank accounts — often because of mistrust, cultural and language barriers or a belief that by the time the bills are paid nothing will be left for an account. About 44 million are considered “underbanked,” having an account but tending to rely on nonbank service providers, according to the FDIC.
Unbanked people, many of whom are African Americans, Hispanics or immigrants, often turn to high-cost check cashers or payday lenders that can put them into a cycle of indebtedness, regulators and consumer advocates say.
The survey showed that “more can be done to reach out to this significant market,” FDIC Vice Chairman Martin Gruenberg said in a statement. “Government and industry need to work together to increase these individuals’ access to the mainstream banking system.”
The Payday Pundit agrees wholeheartedly.
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Unbanked people, many of whom are African Americans, Hispanics or immigrants, often turn to high-cost check cashers or payday lenders that can put them into a cycle of indebtedness, regulators and consumer advocates say.
The Payday Pundit agrees wholeheartedly.
Pundit, you are slipping. Surely you meant halfheartedly?
We’re of course agreeing with the position that efforts should be made to help these people get banked.