Bankless in America

September 3, 2010 by John Stubbs.

I recently read an article by Daniel Wagner of the Associated Press in the Plain Dealer a Cleveland Ohio newspaper, that says 25.6 percent of U.S. households lack a bank account, or use payday loans or check cashing services.  A study from the FDIC estimates around 30 million households lack a banking relationship.  They are referred to as the “unbanked” or “underbanked”.  Households are considered “unbanked” if they report that no member has a checking or savings account.  ”Underbanked” households have bank accounts but still rely on costly, lightly regulated services like payday loans, check cashing services and pawn shops.  A slightly larger group, 34.1 percent, said they did not have enough money to need an account, according to the FDIC report.  These startling figures represent a great opportunity for merchant interested in providing check cashing services.  Our check cashing service is state of the art, using biometric technology the customer becomes their own identification.  This speeds up the entire process and is forgery proof.  With our system merchants can set their own check cashing fees.  Our system also allows the merchant to carry less cash, because the customer can have all or part of their check placed on a debit card.

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