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"There are very few options for this population," says Jose Garcia, associate director for research and policy at consumer advocacy group Demos. Garcia tells WalletPop that many of the unbanked fall into this category because previous financial hardships landed them on banks' radars (perhaps by abandoning an overdrawn account or having a history of bouncing checks) as undesirable customers. "It's not as profitable as somebody who banks online and always has money in their account," he says, adding that many of the unbanked aren't computer savvy and may not speak English as a first language, which necessitates more hand-holding on the part of bank employees. In an era where a growing number of banks are charging customers just to speak with a teller, it's clear that banks want to maximize their per-customer profitability at all costs.

However, the Fed report points out that the best way to give this population more financial stability is to get them into the banking mainstream, stating, "[T]he key advantage to consumers having bank accounts is avoiding costly alternative financial services and enabling families to build and protect their wealth."

So, while you might fantasize about throwing away your banking relationships, keep in mind that the alternatives are not only more expensive, but often less convenient and less secure, as well. Shop around instead for a bank (or credit union) with better customer service or lower fees if you don't like what you're getting from your financial institution and be grateful you have the option of not being one of those 43 million.

Tags: banking, cash only, living cash only, living without banks, no banks
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Reader Comments (Page 1 of 1)
concerned reader1

1-07-2011 @ 7:57PM
concerned reader said...

Martha, saw your note re credit card phone rep tricks. Answer: Yes, a rep recently tried numerous times to trick me into buying one of those protection services. I lost my temper after his third attempt to disregard my firm and clear rejection. The card issuer was Discover.