The Unbanked
In recent years, banking has evolved from a highly personal financial service relying mostly on loan income to a business that avoids risk and relies on service fees.  This has created a new consumer group, the unbanked and the underbanked.

- At least 40% of employed Americans do not have a bank account.
- The cost to produce physical checks to pay the unbanked can run as high as $5.00 or more.
- Total disbursement costs can run over $15 per check.
- The cost to the unbanked to cash checks can be as little as 2% and as much as 6% of the
   amount of the check.
- 12% of people with bank accounts are “underbanked” because they are denied debit card
    access to those accounts.
- Over 50% of everyone receiving Medicare or Social Security benefits do not have checking  
   accounts and cannot get the benefits of direct deposit. 

While banks are unwilling to provide economical checking accounts, they are more than willing to aggressively market “secured credit” cards and other credit card products with high interest rates, annual fees and high late charges.  But, it is increasingly more difficult to do so without a major credit card.  Credit cards are required for renting cars, reserving hotel rooms, shopping by telephone, shopping on the Internet and paying bills by phone.