Black Visions

FDIC: 21.4 percent of black families don’t have bank accounts
by Marcy Gordon, Associated Press | September 12, 2012 at 2:11 PM
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WASHINGTON — A government survey shows about 821,000 U.S. households lost access to basic banking services between January 2009 and June 2011.

Roughly 10 million U.S. households, or 8.2 percent, have no access to bank accounts, according to a survey conducted by the Federal Deposit Insurance Corp. That’s up from 7.7 percent in the FDIC’s 2009 survey.

And an even larger percentage of Americans are relying on high-interest alternatives, even those with traditional bank accounts. The survey found 28.3 percent either lacked bank accounts or used payday loans, check-cashing services and other alternatives as of June 2011. That’s up from 25.6 percent in the previous survey.

The survey found 21.4 percent of black families and 20.1 percent of Hispanic families had no banking services.

because the  majority are owned(underneath all the paperwork)  by the major banks

I don't understand why the Federal Consumer Financial Protection Bureau will not shut them down...

wow..thats kind of disturbing...i have one question though.. are non american blacks factored in?

 being un banked is not the same as saying that people dont have savings...many informal savings and loan arrangements in the black community.. particularly among foreign born black folks....

Of course they are factored , hence a reason for the article. When the market,especially in home ownership was booming, all types of no money down deals and sousou down payments were accepted by many robbers to purchase homes and now that the market has tanked for folks in the so called middle and working class poor, this is also supposed to be a new enlightening. Many people have  always known how it works and here is another BS take on reality. Many people have taken advantage of sousou's and the like with their non American born folks and still do. Walmart and check cashing businesses have always made a huge killing  and offer prepaid  credit cards.

I didn't begin seeing that "payday loan" mess until I lived in the south (Atlanta) for a few years.. They also have another loan call "title loan", you can borrow cash against your 'car title"..  If you don't pay it back they repossess your car..  These type of businesses push against the limits of the law while taking advantage of poor people.. Most of they're tactics are illegal, one could find themselves in a mountain of debt searching for a "quick fix".. I don't understand why the Federal Consumer Financial Protection Bureau will not shut them down...

What's funny to ME is that 21% MEANS that 79% DO have bank accounts. It's not like 100% of any race has bank accounts. This kind of shit is somewhat laughable.

all these places make me shake my head

Payday loans
Rent a centers
and especially check cashing places

all usually found in low incomes areas