FDIC campaigns to get the unbanked to open accounts

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There's an industry term for people who don't have a checking or savings account the un banked more than seven million americans fall into that category according to the federal deposit insurance corporation and one consequence of that is not having a place to deposit those federal relief payments. Nancy was talking about now. The fdic has launched a public campaign aimed. At changing that marketplace's justin how reports households that are unbagged tend to have lower incomes more volatile incomes less education leonard chain is deputy to the chairman of the fdic. He says two and a half percent of white house or on banked and that in contrast to about fourteen percent of african american household and about twelve percent of hispanic households were unbanned. There are plenty of reasons why disadvantaged communities might avoid the banking system. You may have immigrant communities where people come from countries where where they can't trust the banking system like you can in the us. Robert james the second is the chairman of the national bankers association which represents minority lenders. You may have situations in the us where you know. People come from communities that have historically been underserved or been preyed upon by the banking system. Some minority on lenders have been trying to overcome that historical hesitation. Dominic thanh runs off this bank. A black owned lender in south carolina. It offers a checking account with no minimum opening balance and no fee if users keep at least one hundred dollars in it intentionally designed to account to be very simple very transparent there you to us through its campaign. The fdic is trying to let unbagged. People know all of the advantages opening a bank account. Leonard chain with fdic says instead of taking a check to a check cashing service paying a fee then. Walking around with a bunch of cash. The funds are going to be in an insured account as opposed to a check coming in your mailbox or even a prepaid card coming in your mailbox. Plus he says you have access to funds right away to transfer around or pay bills.

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