ST Alpha - "that's a problem for many people, for sure; but the reasons are more varied than that. a lot of people can't afford to have bank accounts, at least -- (edited)" (Reading a Post)

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In response to "Poor people don't have banking access not because of a lack of ID but a lack of banks in their area." by Krusty

that's a problem for many people, for sure; but the reasons are more varied than that. a lot of people can't afford to have bank accounts, at least -- (edited)

Posted by b. (aka starrynit) Feb 15 '17, 14:35

in traditional banks - fewer and fewer banks offering free accounts or accounts with very low minimums, fees in general, living paycheck-to-paycheck and not having the cushion needed to cover processing times, and more. most brick and mortar banks don't serve lower-income people very well. online banks can be better, but then there can be access issues and again with timing - if you're living from day to day, you can't wait for processing time and deal with deposits not going in as fast as withdrawls can come out.

I've read some disturbing stuff about this as it relates to the proliferation of check cashing places. so sucky, but people feel like they have no choice. :/

edited to add link.

lots of stories about the issues. (www.google.com)

Responses:

I do understand the many reasons the poor don't use banks but the biggest is that there are no banks in their neighborhood. - Krusty Feb 15, 14:54 2
- don't make me bring out stats. ;p - b. Feb 15, 15:09 1
  - We're on the same side here and I agree with your points. They do need banks andthe right banks with the right incentives. - Krusty Feb 15, 15:33

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that's a problem for many people, for sure; but the reasons are more varied than that. a lot of people can't afford to have bank accounts, at least -- (edited)

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