The number of Americans who have cut the cord with mainstream banking has risen by 821,000 households in just two years, a newly released survey finds. One in 12 households or 8.3% are unbanked, while another roughly 20% are what researchers call “underbanked.” We’re ostensibly well into economic recovery, so why are more of us telling …
unbanked
Which Cost Less: Checking Accounts Or Prepaid Debit Cards?
Unless you’re a whiz at managing your money, a checking account is going to cost you more than a prepaid debit card, a new report concludes. And if you do a really poor job handling your personal finances, you could end up paying …
Would You Bank at Walmart?
Americans fed up with big bank fees are closing their accounts and marching over to … Walmart? It’s true; the mega-retailer has been steadily growing its services for the unbanked, such as cashing checks and selling reloadable …
Opportunity Nation: How Those Below the Poverty Line Can Move Up
For years, many Americans have been stuck below the poverty line, unable to build the kind of assets needed to propel themselves up the economic ladder. This systemic problem brought together authors, government officials and financial experts in New York City last week at an event called Opportunity Nation, hosted at Columbia University.
‘Gotcha’ Fees Force Customers to Quit Banks
Hidden bank fees are pushing the working poor out of mainstream banking and into riskier, more expensive alternatives to managing their personal finances. A new study released by the Pew Charitable Trusts provides a stark …
Is Occupy Wall Street Too White?
The Occupy Wall Street movement that has spread beyond New York’s financial district to cities all over the country and even beyond the U.S. has one glaring shortcoming, according to some activists: It’s too white.
Free Movie Tickets Used to Push Prepaid Plastic
The push is on: Financial institutions are doing their darnedest to get consumers into the habit of using reloadable prepaid cards—which can be used similarly to credit cards or standard debit cards tied to bank accounts, but …
Will Banks Target the Unbanked Next?
During the recession, the number of people categorized as unbanked — without a checking or savings account — or underbanked — without access to credit — increased. In a new study, consulting firm KPMG suggests that banks can make money from this group, not by bringing them back into the financial mainstream, but by offering them …
Word of the Day: “Unbanked”
The growing list of hard-times, recession-era words and phrases like mancession and recession porn welcomes a new member: “unbanked.” If the word applies to you, you might be paying nearly 1000% interest on short-term loans.
