Twenty Percent of Miamians Don't Have Bank Accounts: Highest Rate of Any City

Categories: Recessionomics

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A higher percentage of Miamians don't have bank accounts than any other large city in America. A new survey finds 20.1 percent of Miamians have neither a checking nor a savings account. Another 21.4 percent are considered "underbanked," meaning while they do have a bank account, they rely more on things like check-cashing stores and payday loans to help pay the bills.

These statistics, of course, reflect the high rates of poverty and large number of working poor in South Florida. The Miami Herald reports that those less likely to have accounts are the unemployed, low-paid workers and immigrants who don't yet trust banks.

Miami is followed by Detroit (20 percent), El Paso (17.4 percent), Cleveland (17 percent), and Memphis (16.7 percent). Dallas, Houston, Buffalo, Philadelphia, and Baltimore round out the top ten.

However, the rest of the cities in the top ten have higher percentages of citizens who are "underbanked" than Miami. That's likely in part because Miami already has such a high population that is "unbanked."

Just another reminder that Miami remains a poverty-stricken economic hell hole, but hey, at least we're building new high-rise condos!

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25 comments
frankd4
frankd4 topcommenter

...................."Miami remains a poverty-stricken economic hell hole"

well yes we are among the poorest big cities in america but the problem is total lack of infastructure to support and assist low-level wage earners to get to work using public transportation = period

commuters here who travel long distances in heavy traffic most likely cannot afford their own commute when gasoline prices rise above about $3.80 per gallon BUT must go to work anyway

the commuting expenses that typically get eliminated here in MIAMI  are car INSURANCE and scheduled MAINTENANCE and the vehicle safety repairs and replacements because there is no vehicle safety inspection program

so HIT and RUNs are a local sport and BALD TIREs and otherwise unsafe vehicles are common

the BANKING deficiencies are only the result  being POOR - not the reason for being poor

Ivette Ferrer
Ivette Ferrer

Poverty? Maybe....illegal cash? illegal immigrants?

Patrick Baker
Patrick Baker

well i just conducted a study of ur fb followers, and found that they don't know shit about how a huge portion sof Miami lives. go drink a mojito snow birds

Id10T
Id10T

Do you think there is a relationship between being illegal and not having a bank account?

since you need a ssn and dl to open a bank account..


Frank Castle
Frank Castle

hey new times, that doesnt mean nothing, people can have money and not have a bank account

Alexis D. Guillen
Alexis D. Guillen

That's $78/year in fees Kimberly. www.bankrate.com, get yourself a free online checking account, or credit union so you can save what you got.

Kimberly Lazala
Kimberly Lazala

Fuck banks. Bank of America & their crazy overdraft fees. I don't need it to manage my money. $3 to cask my check at Walmart. Bam.

Marlon De Leon
Marlon De Leon

i have an account.. i only deposit money into it when i need to buy something online.. otherwise, it's straight cash for everything else

Juan R. Pollo
Juan R. Pollo

Did you guys actually read the article? It said that 20% either had no account OR had an account that supposedly didn't meet their needs. What criteria were used? How credible is this survey? How can I believe you guys with other matrers when you just re-print trash like this?

Geoff Paugam
Geoff Paugam

Because of lack of education, and banks that charge crazy fees to have access to a bank account. Why put what little you have away when the banks are going to fee it away?

Mario Umana
Mario Umana

Half of Miami is On Chex system anyways.

Tony Miller
Tony Miller

Already been said but bank accounts are tracked by the Fed. Why do you need so much info. to deposit over $10k cash?

Carlos Franco
Carlos Franco

hahaha better than dealing with all the fees they keep adding

Brad Knoefler
Brad Knoefler

it means that they are either illegal or get paid in cash, or both.

EzƦă VɅǹ
EzƦă VɅǹ

Yeah I tried putting my checkbook in the washer before and found out the hard way that laundering money isn't as easy as it sounds.

Estephany Acosta
Estephany Acosta

Nope just a reminder of illegal money that's only to be kept in cash...LOLOLOL

frankd4
frankd4 topcommenter

YET another observation is many many laborers here send money back "home" to their country of origin typically mexico and,  latin and south america,  and THESE money transfers MUST BE initiated on the senders end IN CASH ONLY - i don't know how much CASH is sent BUT that may be another reason checks are not used as they would not be accepted in these international transfer transactions

frankd4
frankd4 topcommenter

it supports the "theory" that possibly a full third of the MIAMI economy is drug related and under-ground

certainly there is no shortage of expensive cars, high-end retail shops and yes those multi-million dollar condo apartments

the other thing is a significant portion of these non-banked funds may be proceeds from scams and frauds that simply cannot be parked in banks - the potential for MIAMI to be ground zero for medicare fraud alone means literally hundreds of millions may be hidden somewhere outside of the banking system in this under-ground economy

also my information indicates when bribing and kicking back to MIAMI DADE commissioners and other MIAMI area politicians and local government officials,  they are CASH ONLY transactions,  so no need for a bank account for that purpose either

otherwise it's pure and simple olde fashion TAX EVASION

the MAGIC CITY indeed

frankd4
frankd4 topcommenter

DRUG DEALERs don't take checks

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