wbjournal.com | November 8, 2021 | Worcester Business Journal 23
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B A N K I N G & F I N A N C E F O C U S
Source: Federal Deposit Insurance Corp.
Do not have enough money
to keep in account 48.9% 29.0%
Don't trust banks 36.3% 16.1%
ID, credit, or former bank
account problems 20.5% 8.0%
Account fees too high 34.2% 7.3%
Avoiding banks gives more privacy 36.0% 7.1%
Bank hours are inconvenient 13.0% 2.4%
Bank locations are inconvenient 14.1% 2.2%
Banks do not offer needed
products or services 19.6% 1.9%
Account fees unpredictable 31.3% 1.6%
Other reason 17.8% 13.9%
Did not select a reason 10.4% 10.4%
Reason One of the reasons The main reason
Reasons for being unbanked
A 2019 survey asked unbanked U.S. households for their reasons for not having a bank
or credit union account.
financially vulnerable individuals
from seeking out financial services
from the safe and regulated financial
services sectors. We work very hard to
make financial services and products
affordable and accessible," Mahoney said.
Facilitating mistrust among the
financially vulnerable, privacy, and
increased costs for banks/credit unions
are all concerns McLean had about the
abandoned IRS reporting requirements.
"Every dollar spent on compliance
is one less dollar spent on your serving
your members," he said.
W
