Reading up on this years ago, some people will cash their paychecks at payday loans. I suspected some of my friends did and I think I tried once and was aghast

Reading up on this years ago, some people will cash their paychecks at payday loans. I suspected some of my friends did and I think I tried once and was aghast at the fees and went elsewhere. My understanding is many people don't have a bank account, many banks require you to have an account to cash a check, or they just don't have branches in those neighborhoods. A recent AP article[1] cites 6.5% lacking bank accounts, 16.9% of Black households, and 14% of Hispanic households. Some reasons for not having a bank account are lack of money, unfamiliarity with how banking works, and distrust of institutions. The number of households without bank accounts is dropping, though. [1] https://apnews.com/8b2b93d4e9474c418853e0f20e79aaa8 https://apnews.com/8b2b93d4e9474c418853e0f20e79aaa8