Tuesday, October 25, 2011

Being One of the Unbanked

CFS has done a lot of work to examine why some who have resources take advantage of banking products and others do not. The Pittsburgh Tribune-Review has a real life look at what it is like to be among the "unbanked." These are folks who do not have bank accounts - some by choice and others as a result of credit or other problems.

The reality is that the status affects all parts of ones financial life:

In addition to being all but shut off from loans, the unbanked turn to alternative channels to cash checks, purchase money orders and pay their phone, cable, gas and electric bills. Allegheny County, for instance, is home to 95 check-cashing outlets, including 50 in the city of Pittsburgh, according to the state Department of Banking, which regulates such operations.