Millions In U.S. Do Their Banking Without Banking Institutions

Millions In U.S. Do Their Banking Without Banking Institutions

Millions In U.S. Do Their Banking Without Banking Institutions

A Dollarwise payday loan shop in Kent, Wash. Millions in America count on places like these for economic solutions, as opposed to conventional banks that are insured. The FDIC hopes to improve that. Ted S. Warren/AP Photos hide caption

A Dollarwise payday loan shop in Kent, Wash. Millions in America count on places such as these for economic services, in place of old-fashioned insured banking institutions. The FDIC hopes to improve that.

Ted S. Warren/AP Images

About 60 million grownups do their banking at places aside from banking institutions, in accordance with a brand new survey by the Federal Deposit Insurance Corp. The FDIC desires customers to depend more on insured banks, but lots of people feel it is inside their interest that is financial to far from conventional banking institutions.

Al Walker is amongst the individuals the FDIC is hoping to persuade. A check-cashing store in Washington, D.C.’s U Street district in his fitted jeans, hipster scarf and oversized sunglasses, he may seem a little too trendy for ACE Cash Express.

But he is beyond your nationwide check casher — even though he’s got a banking account. Read More