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Millions In U.S. Do Their Banking Without Banking Institutions

Millions In U.S. Do Their Banking Without Banking Institutions

A Dollarwise payday loan shop in Kent, Wash. Millions in America depend on places like these for economic solutions, rather than conventional insured banking institutions. The FDIC hopes to alter that. Ted S. Warren/AP Photos hide caption

A Dollarwise payday loan shop in Kent, Wash. Millions in America depend on places like these for economic solutions, in the place of old-fashioned banks that are insured. The FDIC hopes to alter that.

Ted S. Warren/AP Images

About 60 million grownups do their banking at places apart from banking institutions, based on a brand new study by the Federal Deposit Insurance Corp. The FDIC wishes consumers to depend more on insured banking institutions, but lots of people feel it is within their monetary interest to keep far from old-fashioned banking institutions.

Al Walker is among the individuals the FDIC is hoping to persuade. A check-cashing store in Washington, D.C.’s U Street district in his fitted jeans, hipster scarf and oversized sunglasses, he may seem a little too trendy for ACE Cash Express. (m√°s…)


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