© 2020 Texas Public Radio
Real. Reliable. Texas Public Radio.
Play Live Radio
Next Up:
0:00
0:00
Available On Air Stations

The Source: Why The New Middle Class Goes 'Unbanked'

UnbankingofAmerica.jpg
Houghton Mifflin Harcourt
/

Why are more Americans turning from commercial banks to alternative financial services?

For many members of the 99%, keeping a bank account open costs more than they can afford. People are also less confident that banks prioritize clients' interests over their own, and big bank scandals aren't helping to boost that confidence.

Without a bank, paychecks can be cashed immediately in exchange for a fee, starting a cycle that eats away at the income of workers who are barely scraping by.

What is it like to be "unbanked" in America? How can San Antonio residents seek free financial help?
 
Guests:

David Martin Davies can be reached at dmdavies@tpr.org and on Twitter at @DavidMartinDavi