An important gateway to building financial assets is having a checking and savings account at a bank or credit union. People without an account at a mainstream financial institution are less likely to own a home or other significant assets, and more likely to pay higher transaction fees for cashing their paychecks, taking out small loans, and remitting money to family members in other countries. Also without an account to deposit money in, cash can be more easily stolen, lost (as in a house fire), and spent.
Meet the unbanked and underbanked members of the community. According to the FDIC, “unbanked” refers to people Continue reading