At a time when the majority of Americans use online banking, and some even deposit checks using their cellphone cameras, roughly 8% of America's 115 million households don’t have a checking or savings account, according to census data compiled by the FDIC. The numbers are far higher among minorities: More than 20% of African-Americans and Hispanics are essentially left out of the American banking system. Frozen out of the financial system, they face myriad situations where getting money costs money. Banks typically charge $6 to cash checks. Want to put down an deposit on an apartment? Fee-based money orders are the only option. Without credit cards, they must turn to triple-digit interest rate payday loans for emergencies.
Source: Connecticut Association for Community Action, 4/25/13, No Banks
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