Posted on 12/02/2009 11:08:43 PM PST by Nachum
One-quarter of American households -- about 60 million people -- have limited or no access to banks or other traditional financial services, with low-income and black families among the hardest hit, according to a government report released Wednesday
(Excerpt) Read more at washingtonpost.com ...
How many are illegal aliens?
"A lot of this is a product of rational economic decision-making," Bair said.
Why are we intent on making a non-problem into a problem?
If there are people who do not use banks for good reasons why must we do anything about it?
Obambi to the rescue: Free Universal broadband Internet, online banking, and automatic welfare deposits for everyone (except taxpayers).
I didn’t realize that people are locked in their homes, unable to go to their local Bank or Credit Union so they can open a Checking or Savings Account.
Must be the New Black Panthers hanging out in front of Bank of America that are scaring people off.
The way these stories are told, you would think we live in the old Soviet Union.
Well now I have read reports that it was some 9 million people, (or households?), now the Wapo is reporting 60 million people without a bank account? The babies, dog and cat in each household DO NOT need a bank account...This is horrible reporting to say the least....
Nine Million US Households Have No Bank Accounts
By Ronald D. Orol
12-02-091358ET
http://www.nasdaq.com/aspx/stock-market-....
Roughly 9 million U.S. households have no checking or savings account, while many who do have bank accounts struggle to build credit histories, according to a Federal Deposit Insurance Corp. survey released Wednesday.
So what is it? 9 million households, or 60 million people?
The same FDIC that said this week they might have any money left to bailout the banks. I am guessing that us “bank account snobs” now have to bailout these 60 million...
Study finds Household Pets have little access to
banks, puppies and kittens hardest hit.
What a load of tripe this article is.
Notice how this report is dishonestly worded, implying that black families that are NOT low-income cannot open bank accounts -- it must be racial discrimination! Racist banks, racist America! The false claim of racial discrimination is what got the CRA passed and strengthened, contributing to the housing meltdown and the financial crisis.
"nearly 22 percent of black households and 71 percent of families earning less than $30,000 do not use banks"-- no doubt the substantial majority of the 22% of black households are INCLUDED in the low-income families.
The lamestream media misses no opportunity, whether true or not, to scream racism.
Cash is king to some people.
This is no travesty.
Banks suck. We just got finished bailing out a bunch of them, remember?
I think you just answered your own question.
9 goes into 60 almost 7 times. That’s one parent plus an average of 6.5 kids.
No access to banks? You mean if they have money and they want to put it in the bank the bank won’t take it? I find this hard to believe. I think they must mean that the banks aren’t giving these people any money. That is easier to believe.
A lot of people get paid on Friday and they’ve pissed it all off by Monday. On Tuesday they go to a payday loan shark. No bank really wants to deal with them.
“Hardest hit”?
We’re talking about people who don’t want the government to know how much money they’re making. Most of them are working under the table, or here illegally. How does that make them “hard hit”?
Most of the poor are poor for a reason; they can’t handle money! I suspect many of them have had numerous checking accounts and grossly overdrawn them so no bank will talk to them. (I was in this position for a short time in my life because of a “mistake” marriage) This creates a culture that is passed down from mother to son.
There is nothing in the article that says they have no access to banks. The banks aren’t refusing to let them enter.
They choose not to enter.
By these standards, I have no access to tattoo parlors.
By these standards, I have no access to tattoo parlors.
What? That's outrageous! How can government allow this? You‘re being deprived!
By the same standard I have no access to a bank - I prefer to use a credit union and have been a member of the same one for almost 40 years. It actually pays me for the privilege of using my money. Banks - at least in this area - charge a fee just to have a savings account without a sizable minimum balance. Forget checking accounts.
The Fed will use this as grounds move government checks to a direct deposit scheme in order to move these people into the “system”.
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