The Corporation for Enterprise Development released data this week that shows 15% of US households (in US cities where the population is greater than 200,000) don’t have a checking or savings account. It also shows that many households are under-banked meaning they have at least one bank account but still rely on payday lenders, pawn shops and other services.
Newark NJ had the highest rate unbanked at 34%, followed by Miami FL at 28.4% and Cleveland OH at 25.5%. All totaled, nearly 12 million households manage their finances without a bank.
See their map here: http://localdata.assetsandopportunity.org/map
http://blogs.wsj.com/economics/2014/09/19/where-americans-dont-use-banks-start-with-newark-n-j/
Summary
Article Name
15% of US Households are Unbanked
Description
The Corporation for Enterprise Development released data this week that shows 15% of US households (in US cities where the population is greater than 200,000) don't have a checking or savings account. It also shows that many households are under-banked meaning they have at least one bank account but still rely on payday lenders, pawn shops and other services.
Author
Ken Walker