The Unbanked and the Underbanked
Marcus Williams
Director of Financial Equity, National Consumer Law Center
Being unbanked is expensive. Check cashing fees, money order costs, and payday loan interest drain hundreds of dollars each year from households that can least afford it.
Key Takeaways
FDIC data shows 5.9 million U.S. households were unbanked in 2023.
Unbanked households pay an average of $1,000+ per year in fees to access basic financial services.
Redlining and discriminatory banking practices created structural exclusion that persists today.
Postal banking proposals would use existing USPS infrastructure to provide basic accounts.
Transcript
Get the newsletter
Essays, episode notes, and resources delivered to your inbox.
Subscribe on SubstackAbout the Guest
Marcus Williams
Director of Financial Equity, National Consumer Law Center
The Fine Print,
in your inbox
Companion essays, episode notes, and reading lists. A publication exploring the hidden rules of economic life — delivered every time a new episode drops.