More Americans opting out of banking system..what say you?

Space Invader 2012/09/14 01:15:40
Add Photos & Videos
More opting out of banking system

Danielle Douglas SEP 12

Roughly 17 million adults are without a checking or savings account. Another 51 million adults have a bank account, but use pawnshops, payday lenders or rent-to-own services.

Released Wednesday, the study found that 821,000 households opted out of the banking system from 2009 to 2011 and that the so-called unbanked population grew to 8.2 percent of U.S. households.

That means that roughly 17 million adults are without a checking or savings account. Another 51 million adults have a bank account, but use pawnshops, payday lenders or rent-to-own services, the FDIC said. This underbanked population has grown from 18.2 percent to 20.1 percent of households nationwide.

The study also found that one in four households, or 28.3 percent, either had one or no bank account. A third of these households said they do not have enough money to open and fund an account. Minorities, the unemployed, young people and lower-income households are least likely to have accounts.

Read More: http://www.washingtonpost.com/business/economy/mor...

Add a comment above

Sort By
  • Most Raves
  • Least Raves
  • Oldest
  • Newest

  • Gracie - Proud Conservative 2012/09/15 02:07:29
    All the Above
    Gracie - Proud Conservative
    Some people might be opting out because they don't trust the banks but it's been my experience that many people just can't handle a checking account. They can't keep the balance and once they bounce a check, it's a snowball. I have a woman on my mail rout that regularly tracks me down on the route because she doesn't want her husband to know how many checks she bounces. It seems like a lot of work and extra expense to live like this!
  • 3414503 2012/09/15 02:05:23
  • Kat ♪ ~ ♪ 2012/09/15 02:00:29
    Because they don't trust the economic system
    Kat ♪ ~ ♪
    All of the above, he is making it to where they can seize your assets.
  • S. Gompers 2012/09/14 15:19:15
    None of the above
    S. Gompers
    I understand now why my grandparents never trusted banks and hid their money.
  • ruralntex 2012/09/14 10:25:20
    They don't have enough money to open an account
    Lots of people are using the cash method and loading a debit card for online purchases etc. It is easier for many folks. No checkbook balancing. No statements. No monthly service charges, etc.
  • Flamingo Flame Gem *AFCL* 2012/09/14 03:08:16
    None of the above
    Flamingo Flame Gem *AFCL*
    One of the reasons people are opting out is because of of high fees charges for overdrafts and NSF bad check writings, and overdrawn accounts on debit cards which cost high fees.Most don't want to pay the bank back on overdraws , especially if you owe a high dollar amount.
    Pay day lenders charge high interest, title loans will cost you a bundle in fees and payback with high interest. All lended by banks...They have found a way to make a higher profit thru pay day lenders , and title loans....So when you apply for a personal loan from your bank be prepared for I'm sorry you don't qualify.........So rejection makes people go to pay day lenders and title loans.....people wake up ! You're being suckered by the banking industry if you go these routes.
  • Jeff Smith 2012/09/14 02:16:54
  • Ol'Dave 2012/09/14 01:44:53
    All the Above
    Obama has ADVANCED HIS PRO-COMMUNIST AGENDA like Frank Davis (card carring Communist) mentored him to, and CRASHED OUR ECONOMY!! So now EVEN FEWER PEOPLE have suffiecient money to involve the banking system..
  • Space Invader 2012/09/14 01:16:38
    All the Above
    Space Invader
    no money; no job; no trust; high fees..why should they??
  • Zervur 2012/09/14 01:16:33
    None of the above
    I love banks, loans, checks, cards, accounts. I should be a banker.

See Votes by State

The map above displays the winning answer by region.

News & Politics

2016/02/13 19:33:03

Hot Questions on SodaHead
More Hot Questions

More Community More Originals