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3) "Free checking." And then, even if you (the low-income person) avoid the overdraft fees, eventually monthly fees start appearing. So far, in 10 years of usi
by Decade 13y ago
3) "Free checking."
And then, even if you (the low-income person) avoid the overdraft fees, eventually monthly fees start appearing. So far, in 10 years of using banks, I've twice closed checking accounts because they started charging monthly fees. I might try a credit union next time I need a bank account.
Keep a $3000 minimum balance or have a regular job depositing money into your account electronically, and the monthly fees disappear. Banking is, in absolute terms, too expensive for the poor.
- lostlogin 13y agoWhat the hell? Minimum balance? This practice is news to me. Is this effectively making zero into 3000? What happens if you dip below?
- Karunamon 13y agoThen they start charging "maintenance fees" on top of that. Thereby making the (completely manufactured and idiotic) problem even worse.
- protomyth 13y ago"Low Aggregate Balance Fee $5" - always a pleasure to see on a statement
- lostlogin 13y agoAhh, obviously the solution to the problem is to lower it further.
- djeikyb 13y agoAll the credit unions in my county (sw usa) charge monthly fees for "low balance" checking accounts unless you meet several stringent requirements, like: >= 30 debit card transactions, >=1 direct deposit, e-statements, etc. These are and'd requirements, not or'd.