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Millions of U.S. Families Lack Bank Accounts

The amount of individuals who do not have bank accounts is rising, as numerous households use other ways of obtaining cash — like prepaid cards, cash advance loans, pawnshops and check-cashing services.

Almost 10 million, are lacking a bank account, as outlined by study results published Wednesday via the FDIC. That’s up from 7.7%, or about 9 million households, in 2009.

Bankrate.com, stated that checking accounts can be expensive for many consumers — particularly those living paycheck-to-paycheck who can’t fulfill minimum account balance conditions and get struck with service fees or those people who are continual overdrafters.

Along with the one out of twelve Americans who do not have an account with a bank, there exists a group of people called the underbanked. They are individuals who have banking accounts but who still use other ways of obtaining money — possibly since it is quicker to utilize an alternative or simply because they think banks can come with higher fees. About one out of every five households is recognized as underbanked, which represents 20.1%, or 24 million, U.S. households.

Overall, more than one in four U.S. homes, or 28.3%, are already unbanked or underbanked.

Are you un or underbanked? If so, Dollar Loan Center has several options for you. Our short term signature loans do not require a checking account or any form of collateral.

Stop into any one of our over 50 locations throughout Nevada and Utah today and find out how we can help you.