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But, it is extra money you didn't have in the beginning. I guess I don't understand the concept of not doing something that will get you extra money absolutely free. Who doesn't love having their balance grow even without constant deposits?
I didn't know that some people just couldn't get accounts in the first place...
Regardless, I may just be of a different generation. The interest rates may not be high, but I sure like paying bills without needing to get cashier checks, going on vacation without needing to get travelers checks or risking having my cash stolen, and I just like not having to go anywhere to cash any checks.
I think the last account I closed had about $70,000 and in a year the interest was so small I was just discussed and closed all of them.
I'm guessing this is directed toward lower income Americans who don't have bank accounts. My understanding is that they have to pay a chunk of money to have checks cashed for them at one of those check cashing/quick loan centers. This makes complete sense for them. For anyone else, it doesn't. One of the issues in low income, urban neighborhoods (and lots of rural towns) is that they often don't have local bank branches there. If banks honor treasury checks anywhere without an account (someone said that here, I have no idea if that's true or not), it's not going to help them much if they have to travel to east Egypt to cash it. Even in small rural towns, some poor people (like seniors) are dependent on rides into a larger community, or do most of their shopping locally.
Those debit cards won't be free. Will probably be handled like the UE payments with banks taking their share of the money for themselves.
I prefer to get my refunds direct deposited into my checking account just like I've been doing for years. It's safer than having a check or debit card come in the mail.
Those debit cards won't be free. Will probably be handled like the UE payments with banks taking their share of the money for themselves.
I believe in some cases there is a fee of $ 4.95 for the Treasury ( IRS ) Debit Card...
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