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The reason so many people have no bank account is because banking doesn't provide them anything. I understand what's in it for the service provider (bank/wallet
by sly010 12y ago
The reason so many people have no bank account is because banking doesn't provide them anything. I understand what's in it for the service provider (bank/wallet/lender/etc), but not everyone needs a credit card.
My parents live in Europe. They don't shop online, they don't take on loans and they always pay with cash. The only reason my mom has a bank account is to receive her salary, which then she withdraws because it looses value way slower under the pillow.
It's not simply about being cheaper or having access. Many local economies just can't make use of fancy global financial services.
- icebraining 12y agoit looses value way slower under the pillow How so?
- eternauta3k 12y agoMaybe she buys an asset that depreciates slower (eg. US dollars)
- sly010 12y agoIn some cases returns on saving accounts won't cover the minimal handling fees so you are loosing money. Talking about Hungarian banks and not a big salary here.
- icebraining 12y agoOh, okay, fair enough. But doesn't she need a checking account anyway to get paid? Would it be more expensive to just keep the money there instead of withdrawing it?