"In the aftermath of one of the worst recessions in history, more Americans have limited or no interaction with banks, instead relying on check cashers and payday lenders to manage their finances, according to a new federal report.
Not only are these Americans more vulnerable to high fees and interest rates, but they are also cut off from credit to buy a car or a home or pay for college, the report from the Federal Deposit Insurance Corp. said.
Released Wednesday, the study found that 821,000 households opted out of the banking system from 2009 to 2011 and that the so-called unbanked population grew to 8.2 percent of U.S. households."
Strange how that number of 821,000 closely resembles the figure of 800,000 households that should have been eligible for modification, but due to the big banks lameness got foreclosed on instead (see a previous post). There are many households that no longer trust the banks. The "we're here to help" no longer rings true....................I totally get it.