Millions in US lack bank access

pcvix · Dec 9, 2009

http://www.ft.com/cms/s/0/c0f8623e-df7c-11de-98ca-00144feab49a.html

CET · Dec 9, 2009

Many of these people do not have a bank account by choice. They don't want any more people than necessary to know how to find them. The government is misrepresenting this situation. Big brother just wants another tracking mechanism on these people.

tmarket · Dec 9, 2009

Quote from CET:

Many of these people do not have a bank account by choice. They don't want any more people than necessary to know how to find them. The government is misrepresenting this situation. Big brother just wants another tracking mechanism on these people.

Right, they are just poor by choice.

The FDIC survey revealed vast racial disparities in access to financial services.

Almost 22 per cent of black households had no bank account compared with 3.3 per cent of white households.

In some areas, the difference was starker: in St Louis, Missouri, 31 per cent of black households had no bank account compared with 1 per cent of white households.

mister_doodi · Dec 9, 2009

Most of those 17 million households that are talked about in the article can have a bank account with no problem. But the article ties that in with lack of access to loans/credit, which in this economy is way more than 17 million. This article fails in it's stat manipulation.

SNBthetrue · Dec 9, 2009

Quote from CET:

Many of these people do not have a bank account by choice. They don't want any more people than necessary to know how to find them. The government is misrepresenting this situation. Big brother just wants another tracking mechanism on these people.

so these people can't sell or buy in the market, right ?

misterno · Dec 9, 2009

how can you live without a bank account?

I don't understand

IanMacQuaide · Dec 9, 2009

Quote from misterno:

how can you live without a bank account?

I don't understand

Many "Undocumented Workers" here in TX don't have a bank acct. They use Check Cashing places that charge a % of their paycheck to cash it.
I've seen some of these guys pull out HUGE wads of cash to pay for stuff.
They also use wiring services to send money to countries south of us.
They get ripped off when they cash their check, and ripped off when they send money.

ipatent · Dec 9, 2009

You have to feel sorry for these people who aren't sophisticated enough to be making unsecured loans to insolvent institutions.

ammo · Dec 9, 2009

Quote from IanMacQuaide:

Many "Undocumented Workers" here in TX don't have a bank acct. They use Check Cashing places that charge a % of their paycheck to cash it.
I've seen some of these guys pull out HUGE wads of cash to pay for stuff.
They also use wiring services to send money to countries south of us.
They get ripped off when they cash their check, and ripped off when they send money.

they are paying the currency exchange 1 1/2 -2 % and uncle sam 0, the ones with fake social security #'s pay uncle sam taxes but will never receive social security, uncle sam/employers knows and look the other way

Bob111 · Dec 9, 2009

Quote from tmarket:

Right, they are just poor by choice.
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Many of these people do not have a bank account by choice. They don't want any more people than necessary to know how to find them. The government is misrepresenting this situation. Big brother just wants another tracking mechanism on these people.

100% correct