THE MUSLIM JOURNAL — According to a 2019 report by the Federal Reserve, 22 percent of American adults (63 million) are either unbanked or underbanked. The 6 percent of Americans who are unbanked have no bank account whatsoever and must rely on alternative financial products and services – such as payday loans, check cashing services, money orders and pawnshop loans – to take care of their finances. The 16 percent of Americans who are underbanked have some sort of bank account, but they also rely on alternative financial services.
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