The Rev. Floyd Flake, a member of the African American Advisory Board, discusses financial inclusion in the African American community.
“Being shut out of the financial mainstream is inconvenient – no checks to pay bills, no debit or credit card, no ability to shop online. But it also means that these families are cut off from building wealth. Across all races, more than a third of unbanked families have an income of less than $15,000. When the poorest of our citizens have to pay exorbitant fees and interest rates to borrow money or cash their paychecks, they fall further and further behind.”