4 ms·

It sounds like you think people lack long term planning if they are poor. But it's ease to understand how long term thinking is the dominant strategy. >but don

It sounds like you think people lack long term planning if they are poor. But it's ease to understand how long term thinking is the dominant strategy. >but don't have a bank account Plenty of bank accounts are free to open. That's not an excuse.

ChrisMarshallNY 2mo ago
Nope. Didn't say that. Many poor folks think decades ahead, but they tend to be rather fatalistic. When I lived in Africa, I was profoundly affected by the poverty I witnessed, and also, by the integrity and kindness of many very poor people. Also, many bank accounts require things like state ID, credit-worthiness, etc., that are hard for poor folks to get.
- charcircuit 2mo ago
  >state ID This is not required if the person is a minor. And acquiring one is cheap. >credit-worthiness No bank will require the user to be credit worthy for a basic checking account.
  - NobodyNada 2mo ago
    I recommend reading https://www.bitsaboutmoney.com/archive/the-business-of-check-cashing/ https://www.bitsaboutmoney.com/archive/the-business-of-check..., particularly the section "Depositing a check requires an extension of credit": > If something goes wrong in this process—the overwhelmingly most likely one is that the payer doesn’t have the funds to cover the check (NSF, or “insufficient funds”), but the check being fraudulent or unauthorized is also possible—that wrongness may not be discovered before money “moves” to your bank. And so that payment can be recalled from your bank to the bank the check is drawn on. This will likely result in the bank attempting to recall the money from your account. > And so by presenting your check, which you think is substantially terminating a transaction, you are actually creating a new credit extension with your bank. They are extremely aware that you just asked them to advance you money, even if you are not aware that you did that. They already partially underwrote this extension of credit; that is why you were not shooed out of the building when you originally asked for a checking account.
    - charcircuit 2mo ago
      Checking accounts are nowadays spent via debit cards which can deny transactions if they go over the limit. The name is a historical artifact.
      - NobodyNada 2mo ago
        The article is about depositing a check as an extension of credit; not spending via check. This creates a creditworthiness requirement that is in practice one of the most common reasons for someone to not have access to a bank account.

ChrisMarshallNY 2mo ago

Nope. Didn't say that. Many poor folks think decades ahead, but they tend to be rather fatalistic. When I lived in Africa, I was profoundly affected by the poverty I witnessed, and also, by the integrity and kindness of many very poor people. Also, many bank accounts require things like state ID, credit-worthiness, etc., that are hard for poor folks to get.

charcircuit 2mo ago
>state ID This is not required if the person is a minor. And acquiring one is cheap. >credit-worthiness No bank will require the user to be credit worthy for a basic checking account.
- NobodyNada 2mo ago
  I recommend reading https://www.bitsaboutmoney.com/archive/the-business-of-check-cashing/ https://www.bitsaboutmoney.com/archive/the-business-of-check..., particularly the section "Depositing a check requires an extension of credit": > If something goes wrong in this process—the overwhelmingly most likely one is that the payer doesn’t have the funds to cover the check (NSF, or “insufficient funds”), but the check being fraudulent or unauthorized is also possible—that wrongness may not be discovered before money “moves” to your bank. And so that payment can be recalled from your bank to the bank the check is drawn on. This will likely result in the bank attempting to recall the money from your account. > And so by presenting your check, which you think is substantially terminating a transaction, you are actually creating a new credit extension with your bank. They are extremely aware that you just asked them to advance you money, even if you are not aware that you did that. They already partially underwrote this extension of credit; that is why you were not shooed out of the building when you originally asked for a checking account.
  - charcircuit 2mo ago
    Checking accounts are nowadays spent via debit cards which can deny transactions if they go over the limit. The name is a historical artifact.
    - NobodyNada 2mo ago
      The article is about depositing a check as an extension of credit; not spending via check. This creates a creditworthiness requirement that is in practice one of the most common reasons for someone to not have access to a bank account.