Ignorance Linked to Lack of Bank Accounts Among Black Consumers
Many have read in recent weeks that the number of people who don’t have a bank account and are turning to check cashing stores, prepaid debit cards and the like is on the rise. The alarming part is a large percentage of them are black people and they don’t have a good reason for doing it. Despite popular opinion, these people are not ones who have bounced checks or had bad experiences with banks previously.
According to the 2011 FDIC (Federal Deposit Insurance Corporation) National Survey of Unbanked and Underbanked Households, “slightly more than half of all unbanked households have never had a bank account.”
The 10 million U.S. households and 3.4 million black households that don’t use a bank stated most commonly that they do not have bank accounts because they feel they do not have enough money for an account, or they do not need or want one. Granted, the large majority of these households indicated earnings of $50,000 or less. However, if you have $10, you have enough to start a bank account.
Read more at Black Enterprise