Banking on "Bank On"

According to the Federal Deposit Insurance Corp. and the Census Bureau, about 1 in 4 households either do not have a savings or checking account, or do, but also rely on firms such as check cashers and payday loan centers for banking services. It’s alarming because banking products are generally more cost effective than similar services from alternative providers. Moreover, a banking relationship can promote savings and provides a pathway to more sophisticated products and services.