Living Off The Banking Grid

Ross Reynolds — Wed, 03 Apr 2013 19:00:00 +0000

It’s estimated that about 8.2 percent of US households don’t use bank accounts. Not only that — 20.1 percent of households are considered “underbanked,” meaning they use bank accounts but still opt for payday loans, check-cashing services and other alternatives. This is according to a recent survey by the Federal Deposit Insurance Corporation.

So why aren’t people using banks? Ross Reynolds talks to some of the un- and underbanked.