The FDIC goal is to help the Americans without a checking account or underbanked avoid payday loan or overdraft programs offer quick money, but they also carry high interest rates to triple or double figures. The Agency will make a final report on the two-year program published in February 2010.
Some participating banks have offered loans in dollars for decades for checking account holders, but about half of the participants began offering in connection with the FDIC. So far, banks have offered a package of 28 million U.S. dollars in loans under $ 2500.
The survey also revealed that minorities are more likely not a current checking account or a problem with the use of alternative services.
The survey released Wednesday that the reports are not 21.7% of black households, while 19.3% of households are not Hispanic. About 3.5% of Caucasian and Asian households have no checking or savings account, according to the survey.
It is estimated that 31% of black households are banks, while the bank 24% of Hispanics.
The survey also revealed that the family home with a married or unmarried woman as head of household rather banked or unbanked / underbanked households at the wedding in the family. People with low incomes are more likely served without bank account or.
People with low incomes are more likely to use one of the 23.000 points of payday lenders in the country to make the $ 70 billion payday loan market. Low-income people without bank accounts, which in turn to payday lenders provide the money for a wholesale price available. Statistics show that 70% of payday loans are generated by repeat users.
In California, a consumer can make a check to a payday lender $ 300 for a loan in the amount of two weeks, usually until their next paycheck. Which decomposes into a fee of $ 45 for the lender and a loan of $ 255, the remuneration of the debtor to obtain payment for your work. This gives a ratio of 460% APR for the fees.
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