Data from a recent study found that over 800,000 households opted out of the banking systems from 2009 to 2011. In that same time period the "unbanked" population grew to 8.2 percent of all American households.
The study also found that over 28% of those households either had one or no bank account. A full third of these said they did not have enough money to open and fund a traditional bank account.
Several banks have notified their customers of intentions to raise fees on checking accounts and have, in may cases, already raised overdraft fees. Banks are saying that these hikes are necessary to help offset losses from the cap on debit card transaction fees imposed by the government.
Banks also admit that it is becoming difficult to make a profit by serving the lower income individuals because the cost of managing their accounts outweighs the return.
The Cash Management Card has become a smart option for those who do not have, and in some cases do not want, a traditional bank account.
