Why are Black and Brown communities more likely to be underbanked?
In 1863 when the Emancipation Proclamation was signed, Black people in America held a little less than 1% of American wealth. Today that percentage is still the same.
High account fees
Too hard to meet minimum balance requirements
Personal identification or credit issues
Mistrust of banks
According to an FDIC Survey
Black and Latinx households do not have a bank account.
Black and Latinx families have a bank account but used non- bank credit or transaction products in the last year.
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