![]() ![]() Myths about the barriers to banking persist. In the short term, for those with low and volatile income, lack of credit can make it impossible to pay for an unexpected immediate expense such as a flat tire or medical bill. This makes it difficult to access the credit needed to fund wealth-creating activities such as investing in education or a business venture. More importantly, without bank accounts, families cannot generate the data that helps establish creditworthiness. People in these communities often turn to alternative financial institutions, but such non-bank services come with high transaction costs. Technology, Media, and Telecommunicationsįirst, a bank account may often be regarded as a simple convenience, but in many Black and Latinx communities, check cashers and payday lenders are more common than bank branches and more likely to be open after hours.
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