17 million Americans have no bank account

[Skillet]

CNN Money - 17 million Americans have no bank account

The survey, which tallied responses from roughly 54,000 U.S. households, marks the first time that the Federal Deposit Insurance Corp. has published such data.



Perhaps one of the biggest revelations of the study was that approximately 7.7% of all U.S. households, or 17 million Americans, were considered unbanked, meaning they did not have any sort of a checking or savings account.



The most common reason cited, according to the study, was a lack of funds. More than a third of those considered unbanked said they did not have enough cash to warrant having a bank account.



In fact, nearly 20% of all U.S. households earning $30,000 or less per year did not have a bank account.

The survey, which offered a detailed look at consumer banking trends both at the state and local level, is part of a broader effort by the FDIC to expand consumers' access to basic financial services.



Seems like the average American does not trust the banking system that much. I wonder how much lower these numbers were before the recession or if the numbers have always been this high.

 

[Nebulous]

I have a bank account. I wouldnt feel comfortable hiding it under my matress.

Though there isnt much to hide after I pay all the monthly bills.

 

[xneseyx]

that's kinda weird... I pay so many things on debit, I don't know if I could go without a bank account. and the same with almost everyone I know. I'm Canadian, though.

 

[varundbest]

Who cares?