Americans opt to track own money, shake off banks

Americans opt to track own money, shake off banks

Credit: AFP/Getty Images

View of a Bank of America branch in Washington on April 13, 2012. AFP PHOTO/Nicholas KAMM (Photo credit should read NICHOLAS KAMM/AFP/Getty Images)

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by KMOV.com staff

Washington Post Business

Posted on September 13, 2012 at 9:28 AM

Updated Thursday, Sep 13 at 10:19 AM

Poll:
Have you privatized your money or do you still keep it in a bank?

(KMOV.com) – A new federal report suggests that Americans are choosing to manage their money differently in the down economy and are saying “goodbye” to their banks.

With some banks leaving customers vulnerable to fees and high interest rates, people are relying on check cashers and payday lenders.

Washington Post writer Danielle Douglas wrote that the report  was released Wednesday and found 821,000 households quit using banks from 2009 to 2011. That breaks down to roughly 8.2 percent of U.S. households. Furthermore, that’s roughly 17 million adults without checking or savings accounts.

Douglas goes on to write that unemployment and underemployment have placed some Americans in a sticky spot where they can incur extravagant fees if they aren't careful with their bank accounts.

Read more from the Washington Post.

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