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While true, there are people who chose to not use banks. Also, there are banks without all that. Maybe it’s impossible to get now (because I started with ING)

While true, there are people who chose to not use banks. Also, there are banks without all that. Maybe it’s impossible to get now (because I started with ING) but my checking and savings with Capital One have no minimums, no direct deposit required, & no transaction requirements. They both actually pay interest (not much on the checking). (As far as overdrafts go they offer what amounts to a low max credit card to back the account where the interest rate is the only penalty, i.e. no fees) On the other hand, I’m sure that last one isn’t great with bad credit, and perhaps the accounts were only available to me because my credit.

elliekelly 8y ago
> On the other hand, I’m sure that last one isn’t great with bad credit, and perhaps the accounts were only available to me because my credit. Not only would an underprivileged person never have access to an overdraft line of credit as you do, they very likely wouldn't even be permitted to open the account. Most people don't know that you actually have to be approved for a bank account. Most banks won't permit you to open an account until they've run what's called a "Bank History Report" on you. It's similar to a credit report but focused on your banking habits. For most people it's just a formality, for underprivileged people, it's serves as a complete bar to their ability to access our financial services system.