Bank On of Virginia Beach changes financial behavior

Rusty Boleman 2

According to Virginia Beach, over 6,000 City households are “unbanked” – they do not have a bank account.

They spend up to 5% of their yearly net income to cash their paychecks and pay their bills. Over 30,000 of Virginia Beach households are “underbanked” – they have a bank account, but continue to use check-cashing services, payday loans, rent-to-own stores and pawn shops for financial needs.

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