Bank Distrust
As a result of the financial crisis and predatory banking fees, more and more people rely on check-cashing services and keep their cash under the mattress.
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“About 60 million adults do their banking at places other than banks, according to a new survey by the Federal Deposit Insurance Corp. The FDIC wants consumers to rely more on insured banks, but a lot of people feel it’s in their financial interest to stay away from traditional banks. Minorities and people who are poor, unmarried or without a college education are more likely to not use banks. The FDIC is pushing banks to introduce new types of services for low-income individuals. Banks so far have not shown much interest in reaching these customers, however. In the survey, fewer than 20 percent of banks said reaching out to these communities is one of their priorities.”
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