From JP Morgan .


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Who are the Unbanked?. From JP Morgan. 22 million US households have no bank account at all and another 20 million are estimated to be underbanked (i.e., limited to no financial relationships).
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Who are the Unbanked? From JP Morgan 22 million US families have no ledger at all and another 20 million are assessed to be underbanked (i.e., constrained to no budgetary connections) 60 million Americans get paper checks; more than 40% of this populace does not have a financial balance and needs an immediate store vehicle Over $500 bn in finance checks are issued yearly to unbanked workers Office of the Comptroller of the Currency The OCC gauges that an average customer who month to month changes two $400 checks and purchases five cash requests to pay bills would cause $270 in yearly expenses excluding any settlement charges. (June 2005) South Carolina Council On Economic Education Moor School of Business ● 1705 College Street ● Room 651● Columbia, SC 29208 ● (803) 777-8328 ● (803) 777-8328 www.sceconomics.org

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Who are the Unbanked (2001 Federal Reserve Survey) 9% of all US families-somewhat under 10 million families Low to direct wages Young and non white 5% of non Hispanics whites versus 22% of non whites and Hispanics as a gathering Of the families in the least salary quintile, 31% are unbanked Why do they not have a financial records? Try not to compose enough checks to make it beneficial 28.6% dislike managing banks-22.6% Don\'t have enough cash 14% Service charges are too high-10.2% Cannot oversee or adjust a financial records 6.6% Min. adjust too high-6.5% Do not need or need a financial records 5.4% Credit issues 3.6% No bank/no area/awful hours-0.4% Other-2.1% Over 52% of the unbanked families beforehand had a financial records, proposing that something about their money related conditions and/or conduct lead them to leave the monetary standard In an investigation of 480 specialists done by the Center for Community Change and Community Financial Resources: Median yearly pay $15,600 Median month to month settlement $293 Median month to month reserve funds $289 Close to half were unbanked even with legitimate qualifications South Carolina Council on Economic Education Moore School of Business ● 1705 College Street ● Room 651● Columbia, SC 29208 ● (803) 777-8676 ● (803) 777-8328 fax www.sceconomics.org

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South Carolina Council on Economic Education Moore School of Business ● 1705 College Street ● Room 651● Columbia, SC 29208 ● (803) 777-8676 ● (803) 777-8328 fax www.sceconomics.org Over 25 million family units are unbanked

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