By Ruth Solomon
August 17, 2006
A right of passage for many Americans, after landing a first job, is to opwn a bank account.
That transaction leads to many more: approval of a credit card, a loan to buy a car, and, finally, a piece of the American Dream – a mortgage loan for a home.
But a great number of people in the Chicago area never slip into this familiar track. They're what the industry calls "unbanked." In the Chicago area, about 20 percent of households have no checking account, a March 1997 Woodstock Institute paper stated. In the city itself, the figure climbs to 35 percent.
Contact Woodstock Institute for the full story.