4
| News |

According to the FDIC, Quite a Few of the DFW's Households Don't Have a Bank Account

^
Keep Dallas Observer Free
I Support
  • Local
  • Community
  • Journalism
  • logo

Support the independent voice of Dallas and help keep the future of Dallas Observer free.

CNNMoney.com directs our attention this afternoon to the Federal Deposit Insurance Corp.'s first-ever report documenting how many Americans are "unbanked." Says the study, Dallas-Fort Worth-Arlington boasts an awfully high percentage of households who don't use a bank -- 10.9 percent, to be precise, which is well over the national average of 7.7 percent. And, according to Page 129 of the study, most of the area's unbanked are African-American (21.5 percent of those surveyed using this questionnaire said they don't have bank accounts) or Hispanic (23.7 percent).

And almost a quarter of folks living in the DFW are considered "underbanked," meaning, yeah, they may have a checking or savings account, but they have "used non-bank money orders, non-bank check-cashing services, payday loans, rent-to-own agreements, or pawn shops at least once or twice a year or refund anticipation loans at least once in the past five years." And, again, those numbers are highest among African-Americans (33.2) and Hispanics (37.5).

Keep the Dallas Observer Free... Since we started the Dallas Observer, it has been defined as the free, independent voice of Dallas, and we would like to keep it that way. Offering our readers free access to incisive coverage of local news, food and culture. Producing stories on everything from political scandals to the hottest new bands, with gutsy reporting, stylish writing, and staffers who've won everything from the Society of Professional Journalists' Sigma Delta Chi feature-writing award to the Casey Medal for Meritorious Journalism. But with local journalism's existence under siege and advertising revenue setbacks having a larger impact, it is important now more than ever for us to rally support behind funding our local journalism. You can help by participating in our "I Support" membership program, allowing us to keep covering Dallas with no paywalls.

We use cookies to collect and analyze information on site performance and usage, and to enhance and customize content and advertisements. By clicking 'X' or continuing to use the site, you agree to allow cookies to be placed. To find out more, visit our cookies policy and our privacy policy.

 

Join the Observer community and help support independent local journalism in Dallas.

 

Join the Observer community and help support independent local journalism in Dallas.