America’s Racial Wealth Gap Could Cost Economy $1.5 Trillion
“Black families are underserved and over charged by institutions that can provide the best channels for saving,” states the report. “For instance, banks in predominantly black neighborhoods require higher minimum balances ($871) than banks in white neighborhoods do ($626). Unsurprisingly, 30% of Black families are underserved by their banks, and 17% are completely disconnected from the mainstream banking system because of a lack of assets and a lack of trust in financial institutions.” […]