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Journal Article
Who Are the Unbanked? Characteristics Beyond Income
Minhas, Sabrina; Hayashi, Fumiko (2018-04)
As the U.S. economy recovered from the Great Recession, more households entered the banking system. Still, 9 million households were unbanked in 2015. Understanding the characteristics of these households is critical in designing effective policies for financial inclusion. Policymakers often consider low income to be the defining characteristic of the unbanked. However, this broad characterization may mask large differences in banking status within low-income groups. {{p}} Fumiko Hayashi and Sabrina Minhas examine which household characteristics beyond income are associated with households? ...
Economic Review , Issue Q II , Pages 55-70

Journal Article
The Elm City resident card: New Haven reaches out to immigrants
Matos, Kica (2008)
Cities with sizable immigrant populations are responding to the issue of illegal immigration in different ways. In 2004, the City of New Haven began to actively collaborate with its immigrant population for the purpose of finding ways to increase public safety and integrate immigrant residents into the civic life of the community. This article describes some of the policy choices made by the city in recent years.
New England Community Developments

Journal Article
Strategies for banking the unbanked: are they working?
anonymous (2005-10)
Banks are looking at new approaches to serving the unbanked, but many barriers exist. KeyBank is a pioneer in offering banking services to the unbanked.
Community Reinvestment Forum , Issue Fall

Journal Article
Unbanked in America: A Review of the Literature
Boel, Paola; Zimmerman, Peter (2022-05-26)
We review the recent literature on the causes and consequences of financial exclusion—that is, the lack of bank account ownership—in the United States. We examine existing work in a range of fields, including economics, finance, public policy, and sociology.
Economic Commentary , Volume 2022 , Issue 07 , Pages 10

Journal Article
Digital Currency, Digital Payments, and the 'Last Mile' to the Unbanked
Shy, Oz (2021-08-02)
Digital forms of payment are either not accessible or highly costly for unbanked consumers. This is because these forms of payment must be "funded" by some source of money, such as cash or a bank account. That creates the "last-mile" problem for the unbanked. This article examines various solutions for the funding problem that have been proposed in the literature, by regulators, and in bills submitted to Congress.
Policy Hub , Volume 2021 , Issue 9 , Pages 9

Journal Article
Reaching immigrant communities
Gama, Jorio S. (2006-01)
With Brazilians making up a large percentage of the immigrant community in New England, Communities & Banking decided to seek the Consul General?s views on a variety of topics, including how to encourage more of the undocumented to use banks.
Communities and Banking , Issue Win , Pages 14-15

Briefing
Pondering Payments: Challenges of Reaching All Americans
George, Esther L. (2020-06-30)
Policy Perspectives

Journal Article
Payment Card Adoption and Payment Choice
Greene, Claire; Shy, Oz (2022-07-11)
Using data from the 2021 Diary of Consumer Payment Choice, this article investigates two questions: how do consumers without credit or debit cards make payments, and do consumers without these payment cards differ from other consumers?
Policy Hub , Volume 2022 , Issue 10

Report
The 2016 and 2017 surveys of consumer payment choice: summary results
Greene, Claire; Stavins, Joanna (2018-05-10)
Despite the introduction of new technology and new ways to make payments, the Survey of Consumer Payment Choice (SCPC) finds that consumer payment behavior has remained stable over the past decade. In the 10 years of the survey, debit cards, cash, and credit cards consistently have been the most popular payment instruments. In 2017, U.S. consumers ages 18 and older made 70 payments per month on average. Debit cards accounted for 31.8 percent of those monthly payments, cash for 27.4 percent, and credit cards for 23.2 percent. The SCPC continues to measure new ways to shop and pay and found ...
Research Data Report , Paper 18-3

Journal Article
Check cashers: moving from the fringes to the financial mainstream
Nathan, Luxman; Jean-Paul, Lesly (1999-07)
Once relegated to the margins of the financial services industry, check cashing outlets (CCO's) are now more visible parts of the urban landscape. Check cashers offer convenient check clearing and bill payment services, mostly tailored to meet the needs of the "unbanked" in low-and moderate income communities. The industry has grown dramatically over the years and is generating new products and services to meet the needs of its niche clientele. While some argue that check cashers are offering marginalized lower income Americans more responsive products than those available from banks, ...
Communities and Banking , Issue Sum , Pages 2-15

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