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....
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?
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.
The Fed will use this as grounds move government checks to a direct deposit scheme in order to move these people into the “system”.
Why do I smell a Jesse Jackson/ Alsharpton/ ACORN style shakedown coming to someone...somewhere...who’s managed to scam a ton directly out of Congress into their coffers....
Hey guess what FDIC, it ain’t only the po folk that don’t have bank accounts. Like many things, it’s the same at both ends of the economic scale but for different reasons.
People with money and brains are keeping their cash out of the U.S. banking system for any number of reasons:
- identity theft
- an ever-increasing list of government entities able to seize your account via an ever-increasing list of reasons
- the FDIC is broke
- handing over your money for 1% interest or less, isn’t as good as “the mattress” at 0%
- less loss of privacy by using cash instead of a debit/credit card
We need universal banking insurance to guarantee that every american has full access to all the banking services they need when they need it.
And we need a trillion dollars of new taxes so we can subsidize the poor who are traditionally denied equal access to banks and banking-type services.