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I worked in a warehouse once with a guy who didn't have a bank account and had to go to check cashing places to cash his paycheck. He used to have a bank accou
by bcbrown 14y ago
I worked in a warehouse once with a guy who didn't have a bank account and had to go to check cashing places to cash his paycheck.
He used to have a bank account, but at some point he ran into overdraft fees, so he'd have to pay a couple hundred dollars to settle that out before he can access the banking system. He couldn't afford that.
- rdl 14y agoThe painful thing is the "lower interchange fees for debit cards" thing essentially killed free checking and savings accounts for most low-income people (other than at credit unions). Those people don't have $2500 balances, or direct deposit, or linked mortgages, so they end up paying $5-25/mo in fees.