Take Two for July 31, 2013

Nearly 10 million US households denied bank accounts for past mistakes

JP Morgan Chase Keeps Loan-To-Deposit Ratio Lowest Of Big Banks

Justin Sullivan/Getty Images

A Chase Bank sign hangs on branch office on February 20, 2013 in San Francisco, California.

According to a report today in the New York Times, roughly 10 million people in the U.S. do not have a basic banking account. An increasing number of low-income Americans are being shut of the system for relatively minor mistakes.

At issue are little known databases banks use to detect fraud. The problem is that individual bounced checks and other financial infractions are also getting notice, and preventing people from opening checking accounts.

Reporter Jessica Silver-Greenberg wrote about this for the New York Times and she joins the show to explain. 


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