How To Help The Unbanked? Repeal The Durbin Amendment

By Todd Zywicki on August 4, 2014

Article by Todd Zywicki, Geoffrey Manne, & Julian Morris published in Forbes Magazine on August 4, 2014

As the issue of wealth inequality has surged to the forefront of the American political debate one rising area of interest is the large and growing number of Americans who are unbanked or underbanked, lacking access to mainstream financial services. According to a 2011 survey by the FDIC, some 10 million households are unbanked and increase of almost one million Americans from 2009) and over 20 percent of households are underbanked, meaning that they occasionally use alternative financial services providers, such as payday lenders or check cashers. Although precise figures are hard to come by, the number of unbanked may have increased still further since then, even as the banking system has stabilized and the economy has grudgingly recovered.

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