If you do not have a banking account – and scores of American’s do not – how can you cash a check or spend a bill? Also you get a small loan in an emergency if you do have a bank account, how do? One study revealed that up to 63 per cent of Us americans will be strapped to boost $500 when they required it in an emergency.

The expression for those who have no bank records is “unbanked.” Based on the 2013 FDIC National Survey of Unbanked and Underbanked Households, “7.7 per cent ( one in 13) of households in america were unbanked in 2013. This percentage represented almost 9.6 million households.” In addition, “20.0 per cent of U.S. households (24.8 million) had been underbanked in 2013, and therefore that they had a banking account but additionally utilized alternate services that are financialAFS) not in the bank operating system.”

This is certainly untold thousands of People in america whom either would not have a banking account or otherwise need to use “alternative economic services,” such as for example payday lenders and look cashing solutions.