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and WHY would you not be ABLE to get a checking account???
and please don't say because of fees...nearly all banks give free checking ESPECIALLY with direct deposit
Could be personal irresponsibility in people writing checks they knew wouldn't clear.
Could be bank-assisted overdrafts and fees where a deposited check is held by the bank long enough to allow a large incoming check to overdraw the account, followed in quick succession by smaller checks which add to the overdraft fees.
Could be an abrupt and total loss of income with outstanding recurring debits which bounce because the expected income vanished.
Let's hope for the sake of the taxpayers you lose the second argument
I'm confused. Help me out. You support the government getting out of loaning money completely? To the banks? No more bail outs? No more subsidies for businesses?
and WHY would you not be ABLE to get a checking account???
and please don't say because of fees...nearly all banks give free checking ESPECIALLY with direct deposit
Many banks have discontinued free checking or require a minimum balance. Many others who do offer free checking do so only on online accounts. In addition, every bank runs a new customer through a credit reporting service such as ChexSystems. One negative report will result in the bank refusing you service. And like your credit report, it can be really difficult to remove a bad report even if it is in error or you have corrected the error.
For many that means no checking account and no way to cash a check without paying a fee for the privilege.
I'm confused. Help me out. You support the government getting out of loaning money completely? To the banks? No more bail outs? No more subsidies for businesses?
are you saying they only go to the dmv, utility company, pay the rent, pay the cell phone, cable etc ONLY IN CASH
Damn if I know, I've never been so hard up (knocks on wood). But in the proper Biblical spirit of "For whosoever hath, to him shall be given, and he shall have more abundance: but whosoever hath not, from him shall be taken away even that he hath", it appears they rely on "Alternate Financial Services" - money orders, prepaid cards etc. - obviously the options that carry the highest fees.
And I was wrong - 20% are "underbanked", it's only 7-8% that have no bank at all.
Seriously, having the Post Office take over from the check cashing places makes sense. The banks aren't interested in picking up the task. So where's the "wrong" being committed?
and where will they keep the CASH to be able to cash all those checks??
are you saying they only go to the dmv, utility company, pay the rent, pay the cell phone, cable etc ONLY IN CASH
1) There are private payment networks - some of which include check cashing establishments - through which you can locally make many payments, esp to phone and utility companies. For a fee, of course.
2) Money orders are probably the primary payment method for Americans without checking accounts, especially for rent and utilities.
Don't they still have minimum balance requirements? I have direct deposit but I still have a minimum balance requirement.
not mine...min ball is only for those NOT using direct deposit...but every bank is different
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