Take It To The Bank

Dec 15, 2022 · 33m 50s
Take It To The Bank
Description

In the United States, one in nine households is without a checking account. Black and Hispanic households represent 64% of the country’s unbanked and 47% of its underbanked. Last year,...

show more
In the United States, one in nine households is without a checking account. Black and Hispanic households represent 64% of the country’s unbanked and 47% of its underbanked. Last year, Americans paid an estimated $33.4 billion in overdraft fees. There is a direct relationship between inequality and the lack of a bank account.

Sheena Allen, who in 2019 launched CapWay, a neobank and fintech startup aimed at the unbanked and underbanked, witnessed this a lot in her hometown of Terry, Mississippi. With only one bank in the small community of about 1,000 residents, Terry is considered a bank desert.

Per capita, Mississippi leads the nation in the unbanked.

Knowledge, she said, is the key to change. “My grandmother had this saying that it is hard to blame people for what they don’t know.”
show less
Information
Author Meka Reed
Organization Meka Reed
Website -
Tags

Looks like you don't have any active episode

Browse Spreaker Catalogue to discover great new content

Current

Podcast Cover

Looks like you don't have any episodes in your queue

Browse Spreaker Catalogue to discover great new content

Next Up

Episode Cover Episode Cover

It's so quiet here...

Time to discover new episodes!

Discover
Your Library
Search