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They cannot get a bank account to get a debit card. Banks and a lot of credit unions have become problematic for low income folks.
by protomyth 10y ago
They cannot get a bank account to get a debit card. Banks and a lot of credit unions have become problematic for low income folks.
- flukus 10y agoWhy is it hard to get a bank account? There is no risk to the bank from a low income person having an account, worst case for them is it's empty.
- rdl 10y agoThere is risk to the bank for bad-credit people having an account. 1) CSR interactions cost them way more than they'll ever make from the account, if the person stays poor forever 2) A lot of banking actions are not proper "transactions" or atomic in the CS sense -- you can end up overdrawing an account pretty easily. A genuinely poor person is eventually going to get charged off on this. A lot of poor people fail chexsystems (bank account credit check, basically) from bounced checks, and thus can't open accounts. Which then limits their access to the banking system, including receiving funds, forcing them to use more expensive alternatives.
- protomyth 10y agohttps://mobile.nytimes.com/blogs/dealbook/2013/07/30/over-a-million-are-denied-bank-accounts-for-past-errors/ https://mobile.nytimes.com/blogs/dealbook/2013/07/30/over-a-...