1 in 10 New Yorkers don’t have bank accounts

The New York Post reports:

Worried New Yorkers are stuffing record piles of cash under the mattress.

In the wake of the Great Recession, more local residents, fearing wage garnishment and social upheaval, have abandoned banks, which are already exacerbating customer flight by jacking up fees in a low-interest-rate environment.

“More and more people in New York we talk to today than ever before are unbanked,” said financial counselor David Flores of GreenPath Debt Solutions. “We call them the liquid society.”

The unbanked are a growing category of New Yorkers — almost one in 10 households in New York State, according to the most recent FDIC survey — who have no checking or savings account at a bank. And the category of New Yorkers who conduct some or all of their financial transactions outside the banking system is 29 percent, almost 1 percent higher than the total for all US households.

Eat your heart out IRS.