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Report Finds "Americans Further Behind in all Walks of Life"-- How Fair Neobank Founder Khalid Parekh Aims to Solve This Disparity with Wealth Building OpportunitiesHOUSTON, Oct. 19, 2021 /PRNewswire/ -- Khalid Parekh's recent article in Fast Company magazine explains how his membership-driven bank Fair is offering solutions for underserved communities that usually pay excessive bank fees or even get completely pushed out of traditional banking services. He also explains how mission-driven neobanks like his are working to make real change for the better. With more than half of Americans lacking an adequate emergency fund, improved banking solutions could be a game changer for many. Many are still struggling despite billions of dollars in relief money from federal and state governments, according to the new research from NPR, the Robert Wood Foundation and the Harvard T.H. Chan School of Public Health. "What we have here is a lot of people who are still one step from drowning financially," said Robert Blendon, emeritus professor of health policy and political analysis at the Harvard Chan School. Findings from the NPR study include:
In his Fast Company article Parekh cites a Bankrate survey showing that Black and Hispanic respondents pay twice as much in banking fees as white respondents. He also explains how a 2019 Pew Research Center study shows that about 25% of Hispanic and Black Americans can only access the internet at home with their smartphones. Only 12% of white Americans are in the same situation. Parekh also lists additional ways that Fair bank is designed to lift up underserved populations by offering:
Membership enrollment is available at bankwithfair.com, and the Fair mobile app can be downloaded in the Apple App Store and Google Play Store. Fair membership can be completed with a social security number or a government-issued ID, such as a valid passport or driver's license. Memberships are $69 a year or $6.99 a month. Fair is also offering a lifetime membership for a one-time fee of $99 until Dec. 31, 2021. ABOUT FAIR Investment and retirement services will be provided by Fair Invest, LLC. Terms and conditions apply and can be found at bankwithfair.com. Connect with @bankwithfair on Facebook, Twitter, Instagram and LinkedIn. Disclaimers: Investment and lending products are provided by Fair Invest, LLC, a registered investment advisory firm with the Securities and Exchange Commission. Custodial and brokerage services are provided by Apex Clearing Corporation, a member of the New York Stock Exchange (https://www.nyse.com/), FINRA (https://www.finra.org/), and SIPC (http://www.sipc.org/). Please note that these products are: Protected by SIPC insurance for Fair Invest, LLC accounts on APEX Platform, not insured by FDIC insurance. SIPC insurance covers customer claims up to $500,000, with a maximum of $250,000 for cash claims. For details, see www.sipc.org View original content to download multimedia:https://www.prnewswire.com/news-releases/report-finds-americans-further-behind-in-all-walks-of-life-how-fair-neobank-founder-khalid-parekh-aims-to-solve-this-disparity-with-wealth-building-opportunities-301403711.html SOURCE Fair |