Federal Reserve Study Finds Many Americans Shut Out Of Banking System

A significant number of U.S. households are unable to obtain banking and other mainstream financial services, instead relying largely on often high-cost alternatives and cash, according to a new report from the Federal Reserve.

The report on the economic wellbeing of U.S. households, which is based on a 2018 poll of 11,000 American adults, found that 6 percent of respondents were "unbanked", meaning they did not have a checking, savings or money market account.

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