You may be a black American who does not bank, having been turned down for a checking account when you tried to get one. Or you may have a checking account but have had problems getting loans.
You may not be aware of the existence of black-owned banks. Here, you will learn about the unbanked and underbanked, benefits of banking, and black-owned banks such as the one owned by Kevin Cohee.
Unbanked and Underbanked
Unbanked individuals may not use banks; instead, living their lives by using a combination of cash, reloadable prepaid cards, and money orders for purchases. They may pay a fee to use check-cashing services to cash their paychecks. And when strapped for cash, they may turn to high interest-bearing loan advances from payday lenders who may make loans without hassle.
The unbanked may have limited income or trouble with identity verification, creditworthiness, account fees, or minimum … Read more