Essence Magazine:
By Jasmine Browley ·Updated February 4, 2024
Just 16% of Americans are considered to be “underbanked,” but 27% of Black people are underbanked. This refers to their lack of savings or checking accounts and dependency on predatory payday lenders, and currency exchanges for their money services.
KeyBank is aiming to shift that from the inside out.
The Ohio-based financial institution recently announced its placement of $50 million in deposits with six Community Development Financial Institutions (CDFIs)
This post first appeared in Essence Magazine. Read the original article.