Should We Be Concerned About The Unbanked?

by. Steve Topper

Every so often I encounter a news article voicing concern about the nation’s unbanked population.

According to recent data from the FDIC, about 8.2% of U.S. households, or 10 million, lack a bank account.

Of course, while 10 million seems like a large number, it got me to wondering whether this is really bad news.  Is it something we, as a nation, should fret and worry about?

I was reminded of this unbanked issue on Saturday while reading the article, “Thousands of area households have no bank account,” appearing in the June 6, 2013 edition of The Sacramento Bee.  Take a look at the article.

What I found most disturbing about this article is that, like most that I’ve encountered over the past few years, the authors are quick to point out that the lack of a bank account forces these consumers to do battle with the nation’s greedy check cashing services and payday lenders.

Reading these articles presents me with the visual imagery of a poor consumer thrust into the modern-day version of the Roman Colosseum.

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