Digital Banking for the Unbanked

Sen. Sherrod Brown, D-Ohio, is pushing for legislation which would require banks to offer free digital accounts to consumers that are unbanked; this move would give consumers easier access to coronavirus relief funds; not only would the process be quicker but it would also cut down on Americans resorting to check cashing which is often expensive; currently there are around 8.4 million households that do not have bank accounts according to a 2017 report; the ‘FedAccount’ would have no fees or balance requirements and could be opened both at banks and post offices. American Banker

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