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Unaccounted: The Millions of Americans without Bank Accounts
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Opening a bank account is the first step towards financial inclusion and building long-term wealth. Yet nearly 9 million U.S. households are unbanked, meaning no person in the household holds a bank account. In addition, 25 million households are underbanked, meaning that they have a checking or savings account but also rely on alternative financial services (AFS) such as payday loans, pawnshop loans or check-cashing services to carry out every day financial transactions. These predatory financial products threaten unbanked and underbanked households with future financial insecurity.
Author: Prosperity Now (formerly CFED)
Topic: Financial inclusion
Publisher: Prosperity Now (formerly CFED)
Location: United States
Format: Brief
Content Type: Research
Publication Date: November 30, 2014