Financial Services/Products

Americans can’t save and build wealth if they are disconnected from affordable financial products such as a bank account. Unfortunately, too many Americans live on the fringe of the financial mainstream, relying on such high-cost services, such as check cashers, payday lenders, auto-title lenders, rent-to-own stores and other “alternative” financial services providers. One in four American households relies on these alternative providers (are “underbanked”), according to the FDIC, while nearly 10 million American households have no bank account at all (are “unbanked”). Some financial products and services that support low- and moderate-income families include financial education in schools, credit- and wealth-building opportunities, prepaid cards (whether provided by employers or public benefit programs) and automatic direct deposit.

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