African Americans underserved by U.S. banks: study
By Editor - Tue Aug 13, 9:11 am
Many minorities in the United States depend on more expensive financial services like check-cashing counters since there are fewer banks in non-white neighborhoods. Increasing access to basic banking services, like checking and savings accounts, could save individual black Americans up to $40,000 over their lifetime, the report found. “Black families are being underserved and overcharged by institutions that can provide the best channels for saving,” said the report authored by McKinsey partners Shelley Stewart and Jason Wright.
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