3 ms·

EU has a cap on card fees, and low-income people have no problem opening bank accounts. They do get totally shafted on overdraft fees tho.

• diebeforei485 3y ago
  It's not about opening accounts, it's about monthly fees. If banks can't make money from debit card transactions they'll have to charge account holders directly.
  • rantallion 3y ago
    In the UK, bank accounts rarely cost anything and debit cards come for free as standard. Banks are still profitable. I would hazard a guess that most banks in fact make most of their money through lending your funds to other people.
  • jopsen 3y ago
    That sounds more like you need to give poor people more money. Not even that much, just a little. Not that you need to fight caps on card fees.
• Scoundreller 3y ago
  I know this is highly EU-country dependent, but paying monthly fees for banking in USA is incredibly easy to avoid, but harder to avoid in EU. Could say the rich subsidize the poor in USA (by keeping more in 0.0001% interest checking accounts and more card swipes per month).
• deleted 3y ago
  [deleted]