A new report released by the Federal Reserve Bank of Kansas City has revealed that 2.3 million households in the Tenth Federal Reserve District (serving parts of Missouri, Nebraska, New Mexico, Kansas, Oklahoma, Wyoming and Colorado) rely on non-banks to meet some or all of their basic financial needs. This number expands to 30 million when observing the nation as a whole.
Some reasons the study found that individuals bypass banks for financial needs includes unstable income, bad experiences with banks, limited access to funds, hidden fees and other “fine print” issues (Kansas City Fed).
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