Study: Philly 9th Most Unbanked City


Philadelphia Business Journal
By: Jeff Blumenthal
June 12, 2013

Philadelphia has the ninth largest percentage of residents without bank accounts among major U.S. cities, according to a report by the Corporation for Enterprise Development.

According to the data, 14.3 percent of Philadelphia households are unbanked and 23.5 percent are underbanked.

Unbanked means the person has no checking or savings account. Underbanked means consumers have an account, but continue to rely on alternative financial services, like check-cashing services, payday loans or pawnshops.

Miami leads the list with 20.1 percent unbanked and 21.4 percent underbanked. It's followed on the list by Detriot, El Paso, Texas, Cleveland, Memphis, Dallas, Houston and Buffalo.

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This page contains a single entry by CFED published on June 14, 2013 4:59 PM.

Despite Recovery, Younger Households Are Slower to Make Gains was the previous entry in this blog.

Survey Ranks Memphians on How They Use Their Bank Accounts is the next entry in this blog.

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