Study: High Fees Leave 103,000 Wash. Households 'Unbanked'

Publication: Puget Sound Business Journal

Author: Kelly Gilblom


10/26/2011 - In Washington state, high bank fees have contributed to 103,000 households, or 3.9 percent of the state's population, going without a checking or savings account, according to a recent study by the Pew Health Group.

This portion of the population, known as "unbanked," is using other methods to take care of its finances, such as nonbank check cashing services, payday lenders or pawn shops.

An additional 17.4 percent of the state's population are "underbanked" according to the study. Those people have checking or savings accounts, but rely on other nontraditional methods to take care of finances, too.

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Read the full article, High Fees Leave 103,000 Wash. Households 'Unbanked,' on the Puget Sound Business Journal's Web site.

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