Unbanked America

Publication: The New York Times

Author: Catherine Rampell


10/27/2011 - Lately you’ve probably heard a lot about bankers. What what about the bankees?

According to the Federal Deposit Insurance Corporation, across the country 7.7 percent of households don’t have a checking or savings account (that is, they are “unbanked”). Another 17.9 percent have checking or savings accounts, but they still rely on alternative financial services like check cashing, payday loans and pawnshops, which typically have very unfavorable terms for borrowers.

The Pew Charitable Trusts has put together state-by-state information on what share of people use the traditional banking system, shown in the interactive map below.

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Read the full article, Unbanked America, on the New York Times' Economix blog.

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