Banks

Banking is not available to Americans in rural areas

Summary

‘Budget is Right for Shrinking Economy But Investment Crisis Next Year Could Make Growth Plummet’ Description video: India’s former Chief Statistician and the present Chairman of the government’s Standing Committee on Economic Statistics says this financial year the economy will […]

‘Budget is Right for Shrinking Economy But Investment Crisis Next Year Could Make Growth Plummet’

Description video:
India’s former Chief Statistician and the present Chairman of the government’s Standing Committee on Economic Statistics says this financial year the economy will shrink around 11-12% and not just 7.7% as the NSSO has claimed. He says it’s likely that during the first half of the financial year the economy shrank by 24%. Even if the economy does not shrink at all in the second half of the financial year, over the year as a whole it will have shrunk 11-12%. However, Pronab Sen adds that the budget announced on the 1st of February was the right budget for the country and he is happy with it. The problem is it doesn’t go far enough.\n\nLike our work? Click here to support The Wire: https://thewire.in/support\n\nThe founding premise of The Wire is this: if good journalism is to survive and thrive, it can only do so by being both editorially and financially independent. This means relying principally on contributions from readers and concerned citizens who have no interest other than to sustain a space for quality journalism. As a publication, The Wire will be firmly committed to the public interest and democratic values.\nWe publish in four different languages!\nFor English, visit www.thewire.in\nfor Hindi: http://thewirehindi.com/\nfor Urdu: http://thewireurdu.com\nfor Marathi: https://marathi.thewire.in\nIf you are a young writer or a creator, you can submit articles, essays, photos, poetry – anything that’s straight out of your imagination – to LiveWire, The Wire’s portal for the young, by the young. https://livewire.thewire.in/\nYou can also follow The Wire’s social media platforms and engage with us.\nFacebook\nhttps://www.facebook.com/TheWire/\nhttps://www.facebook.com/TheWireHindi/\nhttps://www.facebook.com/TheWireUrdu/\nhttps://www.facebook.com/TheWireMarathi/\nTwitter\nhttps://twitter.com/thewire_in\nhttps://twitter.com/thewirehindi\nhttps://twitter.com/TheWireUrdu\nhttps://twitter.com/TheWireMarathi\nhttps://twitter.com/livewire\nInstagram\nhttps://www.instagram.com/thewirein/\nhttps://www.instagram.com/livewirein/\nDon’t forget to hit the subscribe button to never miss a video from The Wire!

Banking is not available to Americans in rural areas

US Rural Residents Watch Local Bank Branches Disappear.

Most counties lost bank branches between 2012 and 2017, according to a new Fed survey. Including «significant» (more than 40%) reduction in the number of branches occurred in some rural districts.

Affected rural communities tended to be home to most of the less educated, poor and diverse minority populations.

Banking is not available to Americans in rural areas

While consumers and small business owners said they have found local technology replacements for some – but not all – services, these alternatives tend to be more expensive and less convenient..

The study showed that retail branches of banks were important tools for solving various kinds of problems, applying for loans and deposits, and withdrawing funds. Also, small business owners prefer to use local banks to access financial services..

As previously reported FOX Business, New York Democrat Alexandria Ocasio-Cortez, and independent Vermont senator Bernie Sanders have put forward a proposal known as postal banking to provide banking services to low-income communities.

Lawmakers say 63 million Americans have inadequate banking and 90 percent of communities without banks or credit institutions are in rural areas..

Some of the postal banking services offered may include low-interest loans, checking and savings accounts, debit cards, check cashing, bill payment, ATM services, online banking services, and wire transfers..

However, rural communities don’t just lack access to bank branches.

According to a FCC report, 80% of the 24 million American households without reliable access to low-cost high-speed internet live in rural areas. USDA is currently working to build telecommunications infrastructure in less densely populated areas.