Banks Closed to 60 Million Americans

The Federal Deposit Insurance Corp. reported Wednesday that one-quarter of American households—approximately 60 million Americans—have little or no access to banks or other financial institutions. Almost 22 percent of black households and 71 percent of families making less than $30,000 don't use banks. Without access to banks, families are vulnerable to theft, having to resort to non-traditional financial services like check cashers, and are unable to establish credit histories.