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Green Dot lovers with Gig Wage to provide workers that are underbanked

Green Dot lovers with Gig Wage to provide workers that are underbanked

Green Dot is partnering with and spending $2.5 million in Gig Wage to supply solutions like debit cards and cash management to gig workers, a lot of whom are among the list of tens of an incredible number of unbanked and underbanked People in america.

Based on the Federal Reserve, 16% of grownups had been underbanked in 2018, meaning that they had a banking account but in addition utilized alternate solutions like payday loan providers and check-cashing services — solutions that Gig Wage creator and Chief Entrepreneur Officer Craig J. Lewis called “predatory.”

The issue is especially urgent for Ebony individuals, whom made up the greatest percentage associated with underbanked, at 35per cent weighed against 11per cent of whites. Ebony households additionally make up the proportion that is highest of this 7.1 million households that have no bank-account at all, based on the Federal Deposit Insurance Corp.

“Banks are organized in a manner that helps it be really cheap to get into cash when you have cash, and incredibly high priced to gain access to cash if you’re low on funds,” stated Aaron Klein, an other of financial studies during the Brookings organization. “It is quite costly to be bad. Economic solutions certainly are a big reasons why.”

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