For the majority of Americans, the ability to store and transfer funds via traditional banking services is an aspect of daily life that we take for granted. But more than 8 million U.S. households – encompassing over 14 million adults and 6 million children – had no checking or savings accounts in 2017, according to a report published by the FDIC. An additional 24 million American households went “underbanked” in 2017, meaning they had a checking or savings account but also used alternative financial services like money orders or payday loans.
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