The city has spent more than a decade working with nonprofits and banks to encourage people to open deposit accounts. Outreach and special products have lowered the unbanked rate in San Francisco to 2.1% in 2015 from 5.9% in 2011.
Readers weigh in on the in-store branch model, how community banks hone their message, the difficulty cash-strapped consumers face in finding bank loans, and more.
The nonprofit Bank On certifies banks that offer deposit accounts with minimal fees. It is one of many initiatives designed to bring more consumers into mainstream banking.
Banks have not adjusted their business models to accommodate growing numbers of financially precarious Americans. But hard times should not disqualify people from the banking system.
A Nebraska banking veteran put up $1 million of her own money to create a microlending program that doesn't require business owners to provide traditional collateral.
Fintech still has a ways to go to change the financial world, but it already offers solutions to income insecurity that can be truly transformational right now.
The Pasadena, Calif., firm also reported growth in the number of active prepaid cards for the first time since the second quarter of 2015. Profits rose by 24%.
The acquirer of the failed Guaranty Bank took a pass on the latter’s 107 in-store branches, leading to their shutdown and a disruption in service for many low-income customers.
