'Unbanked' number thousands in region
-->Kay Shabazz exited an Ace Cash Express outlet Downtown after cashing her paycheck, but without the smile of someone just handed a bunch of money.
"It's convenient, but it's a pain because I'm really paying for that convenience," said Shabazz, 26, who paid a $29 check-cashing fee plus a $3.50 "membership" fee. "I only used them because they were my last resort."
With no bank account, Shabazz is one of the region's thousands of "unbanked" people. Roughly 35,000 households in the Pittsburgh region — or nearly 4 percent — do not maintain a bank checking account, according to a 2009 Federal Deposit Insurance Corp. report.
The national ratio of unbanked people is even higher, at 7.7 percent. Meaning, some 9 million American households do not have a bank checking account.
People without bank accounts must go out of their way to cash checks or pay bills, and find it even harder — if not impossible — to obtain credit, say experts.
For many years, unbanked people often used payday lenders to obtain small, short-term loans. Such lenders provide advances two weeks ahead of borrowers' paychecks, which typically cost $15 for every $100 of pay. But the state of Pennsylvania outlawed payday lender outlets in 2008 because the state found their rates to be predatory.
"I don't know of anywhere people can go for credit if they don't have a bank account," said Debbie Tawney Newsom, field operations coordinator for NeighborWorks Western Pennsylvania, Uptown, which provides personal finance and mortgage counseling in the Pittsburgh region.
"I'd say seven out of 10 people we see either messed up their bank account and walked away from it or never had one," said Newsom, a former banker.
The federal government tried to address the unbanked problem in 2008 when the Federal Deposit Insurance Corp. launched the Small-Dollar Loan pilot program. It enlisted 31 banks to provide 90-day, consumer loans up to $2,500 with no or low fees and an effective annual interest rate capped at 36 percent.
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