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Check cashing isn't banking though. I mean why aren't there banks that can be sustainable without overdraft fees? I get the idea of a fee if they cover a charge
by mbostleman 8y ago
Check cashing isn't banking though. I mean why aren't there banks that can be sustainable without overdraft fees? I get the idea of a fee if they cover a charge in which funds aren't available. But can't a debit card simply decline if no funds are available - hence the bank never covers an unfunded charge and thus never charges overdraft fees? Are there not other ways to monetize banking for low cash flow individuals?
- ryandrake 8y agoIn addition to overdraft fees, banks charge monthly fees if you don’t maintain a high balance or regularly make direct deposits. This is how they “monetize” poor people. In reality the result is that these people go unbanked and simply keep cash.
- drivingmenuts 8y agoBanks don’t really exist to help people save money anymore. For the most part, they exist to extract fees from people who keep money there and from borrowers.