Go Bankless With a Cash-Only Lifestyle

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Even though most Americans regularly use credit cards, many still operate on a cash-only basis. After recent bank collapses, more Americans have taken their money out of the banking system and are looking to go bankless.

According to the Federal Reserve, in 2020, about 81 percent of Americans were “fully-banked.” It means that they did not have to use services in the form of payday loans, money orders, pawn shops, check cashing services, etc.

More People Are Choosing to Go Bankless

After the collapse of the Silicon Valley Bank, the Washington Post found out that about another 12 percent of Americans took their money out of banks. Another 18 percent said they were thinking about doing so.