Number of adults with annual incomes of $150,000 or more
Citizens unbanked between 18-34 years old
Adults Underbanked now vs 31% in 2008
These statistics are the result of immigration and the failure of the Dodd-Frank Bill, which impedes bank’s ability to service-charge their customer’s for overdrafts. Therefore the banks are eliminating free checking accounts.
Prior to the Dodd-Frank Bill, 75% of financial institutions offered free checking. Two years later, only 39% did, the majority being credit unions to which this demographic does not belong.
The percentage of citizens who are unbanked and underbanked will only continue to grow.
On the August 21st 2016 edition of CBS’s 60 Minutes featuring FIN TECH the survey stating that 70% of millennials, “would rather go to the dentist than go to a bank.”