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Despite all the financial innovation -- the past couple of decades a new survey from the FDIC indicates that a whopping seventeen million Americans.
Still don't have a banker checking account.
What of the FDIC doing to change that joining us now is.
Martin Greenberg -- the vice chairman of the federal deposit insurance commission thank you very much for joining us sir we appreciate it.
Or are you are these people cannot get a bank account or simply do not want to have.
A bank account.
Well that's a good question about.
The seven point 7% of US households that don't have an account.
About half of them have never had a bank account.
And about half of them have had a bank account in the past but no longer I think for the first group is an issue of do they feel they have enough money to justify an account.
For the second group they're experience has been that that the cost of maintaining -- -- On May be higher than they feel.
They can afford it didn't necessarily a bad thing.
Well I think the unique thing about a about a insured bank or thrift.
Is the access to a federally insured savings account that's something.
That it ensured institution offers that the alternative.
Financial providers do not.
And having access to a safe and secure place where family can accumulate savings and assets really is pretty important for -- financial planning.
He also report that a number of few million people are what you call under banked what does that mean under bank.
Under bank means that the the family hasn't account.
But is utilizing alternative financial service providers as well such as check catchers are -- islanders.
-- on a different issue we've got a guest on next -- says the FDIC is gonna need even more money that maybe it's been talked about.
What's your financial condition right now.
Well the FDIC's recently implemented a plan -- bring in.
About 45 billion dollars into the deposit insurance fund.
Which we think will be sufficient.
To get us through this next period.
Yeah I was gonna say how how long -- if we raise the 45 billion from these prepaid insurance -- how Long Will that money last -- We we projected that'll carry us over the next three years.
Next three years and you think -- be on firmer financial footing.
Yes we do our Martin -- -- FDIC thank you sir appreciate it.
Thank thank you.
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