The financial crisis has created a shift in consumer banking patterns.
About 60 million adults in the United States are now doing their banking at places other than banks, according to this report. Instead, they are turning to check-cashing services, payday loans or pawn shops according to a Federal Deposit Insurance Corp report.
There are some clear patterns here reflecting a deep divide in US society. According to the FDIC, 17 million adults in the US don’t have bank accounts at all while another 43 million have bank accounts, but still rely on other places.
Disturbingly, minorities and people who are poor, unmarried or without a college education are more likely to not use banks. More than half of black households use financial services outside of traditional banks or credit unions.
A deep chasm in the United States is now emerging. And when the recovery finally comes, it will not disappear overnight.
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