Banking Issues

A new Washington Post story says that 1/4th of Americans don’t use banks. Holy cow, that’s just amazing to me. Of course, with today’s economy, perhaps there is something to this, “Stuffing All My Cash In My Sock Drawer” method.

The Federal Deposit Insurance Corp. reported Wednesday that one-quarter of American households—approximately 60 million Americans—have little or no access to banks or other financial institutions. Almost 22 percent of black households and 71 percent of families making less than $30,000 don’t use banks. Without access to banks, families are vulnerable to theft, having to resort to non-traditional financial services like check cashers, and are unable to establish credit histories. (Washington Post)

This story has depressed me - not as much as looking at my own bank account, but still, very sad.