While some people couldn’t imagine a life without a bank account and/or credit and debit cards, this is reality for many Americans. Today, 7.7% of American households have no bank account at all. There’s also another 17.9% of households that may have an account, but still rely on alternative financial services like check-cashing services or pay day loan businesses because of poor or lack of credit or other financial struggles. Both of these groups of consumers are left in need of valuable financial resources that are both local and affordable. While the unbanked and underbanked population is spread throughout the U.S., there are areas where they are more heavily concentrated.
Here are the top 10 unbanked large cities:
"The Most Unbanked Places in America", 2009, CFED.org
Do you own a store in or around these cities? If so, you should consider all of the ways that you can service the unbanked and underbanked communities and actually make more money. Read our article, “Why the Unbanked Community Matters to Your Business” for more information.