African Americans underserved by U.S. banks: study MoiseNoise reports
FILE PHOTO - Four thousand U.S. dollars are counted out by a banker counting currency at a bank in Westminster, Colorado November 3, 2009. REUTERS/Rick Wilking/File Photo
Many minorities in the United States depend on more expensive financial services like check-cashing counters since there are fewer banks in non-white neighborhoods. Increasing access to basic banking services, like checking and savings accounts, could save individual black Americans up to $40,000 over their lifetime, the report found.
In majority-white counties, there are an average of 41 financial institution for every 100,000 people compared with 27 in non-white majority neighborhoods. However, more expensive services like pay-day lending are more readily available in black neighborhoods, the report said. The racial wealth gap, or the difference between the average white and black households’ net worth, has expanded over the last two decades, according to federal data. As of 2016, the wealth of the average white family was 10 times higher than the average wealth of a black family. The white household had a net worth of $171,000 while average black and Hispanic households had a median net worth of $17,600 and $20,700 respectively.
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