According to a new Federal report, more Americans are limiting or have no interaction with banks. Instead they rely on check cashers and payday lenders to manage their finances.
1. What are the costs and benefit of avoiding banks?
2. What percentage of U.S. households are “unbanked”? What are the demographics of this group?
3. Do you think that this is related to financial institution abuses? Discuss.
Douglas, D. (2012). More Americans Opting Out of the Banking System. The Washington Post, Sep. 12 (Retrievable online at http://www.washingtonpost.com/business/economy/more-americans-opting-out-of-banking-system/2012/09/12/6380b986-fcf1-11e1-a31e-804fccb658f9_story.html?tid=pm_business_pop )