Banking Desert Write For Us
Banking Desert Write For Us – A bank desert is a census area or neighborhood that does not have bank branches located in or within 10 miles of its center. Bank deserts are more commonly found in rural areas than in urban areas.
What Causes A Banking Desert?
Several factors could create desert banking, including the closure of underperforming branches, an increased move towards digital banking rather than branch banking, and a population loss. The 2008 financial crisis also created 86 rural banking deserts as thousands of bank branches closed across the United States.
Understanding Desert Banking
Banking deserts are areas where access to banking services is unavailable in branches. There are various reasons why there is a banking desert. For example, creating a banking desert could be the result of:
- Close associates that are identified as performing poorly
- bank failure
- population losses
Increased demand for digital banking services coupled with decreased need for branch banking services
Many banks closed due to the 2008 financial crisis and its aftermath. Between 2008 and 2016, 6,008 out of 95,018 branches vanished, resulting in 86 new rural banking deserts. These banking deserts disproportionately impacted minorities; 25% of closures happened in areas with a majority of people of color.
Disadvantages Of Desert Banking
Bank deserts can be a problem for people living there for several reasons. The first matter is proximity. If someone wants to deposit, withdraw, or apply for a loan, they may need to drive an hour or more to get to the nearest bank branch or use online financial products, such as online lending or e-wallets. This last option may need some digital literacy.
Aside from the logistical aspect of looking for a physical branch, the lack of banking access can make it challenging to develop good money habits. Lessening levels of financial literacy might result from a lack of exposure to the banking system. As a result, it could be more challenging to comprehend fundamental economic ideas like budgeting, saving, and credit-building.
Sahara Banking And Unbanked
It is estimated that 5% of the US population, or 7.1 million households, are unbanked, which means they do not have a bank account. 13% of US people are underbanked since they have a bank account but also use alternative economic services, such as payday loans and check cashing services.
Whether banking deserts lead to a higher percentage of unbanked and underbanked people in that region, the answer seems to be no. Research suggests that bodily proximity to bank branches is not what causes some people to unbank.
Alternatively, People May Choose To Go Unbanked Because:
Perception of banking transactions as very expensive
He thought they could not open a traditional bank account due to a previous banking error that resulted in a negative ChexSystems report.
They don’t trust the banking system or the government’s mistakes in the system.
Speak a primary language other than English and have difficulty overcoming language barriers when accessing banking services.
They are not documented and do not believe they can open a bank account in the United States.
These are just some reasons why people choose to avoid bank accounts, regardless of whether or not they live in a banking desert.
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