Released: August 01, 2013

Over a million are denied bank accounts for past errors

Source: Jessica Silver-Greenberg - The N.Y. Times (Paid Registration)

Mistakes like a bounced check or a small overdraft have effectively blacklisted more than a million low-income Americans from the mainstream financial system for as long as seven years as a result of little-known private databases that are used by the nation’s major banks.

The problem is contributing to the growth of the roughly 10 million households in the United States that lack a banking account, a basic requirement of modern economic life.

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