Today nearly 5.6 million households in the U.S. are still without a traditional bank account—and of those households, nearly 50 percent are within communities of color, according to Wells Fargo
A bank account is paramount to overall financial success. It’s imperative that providing unbanked and underserved individuals with financial education and easier access to low-cost banking solutions is essential.
Build Positive Financial Habits
A basic building block of financial wellness is understanding how you spend your money. By keeping track of spending with a checking account, you can start building good habits and address the not-so-great ones. Having a checking account simplifies managing your upcoming charges—no more jotting them down with pen and paper or dealing with stacks of receipts.
Keep More of Your Money
Being without a checking account often translates to reliance on services like check cashing locations, cash-deposit options at convenience stores, and payday loans when things get tight. All of these ultimately cost you money.