My family is low income. We have four children and one income, and we barely scrape by. I get a whopping $50 per month in child support for my oldest child, which I found out today hasn't even been paid in five months. So Friday I open a checking account with my whopping $50 child support check, because I have no car to drive to the bank it's drawn on to cash it. So I open this account at a bank within walking distance of my home. Over the weekend I spend a little too much on groceries and leave my husband a little negative on gas money to get to and from work. Today I go to the bank to withdraw the money I put in on Friday to reimburse my husband's gas money. The bank won't let me have my money! Because I opened the account Friday afternoon, it hasn't even shown up on their computers yet! Now I ask you, is having a bank account worth while for low income people?

You are charged a fee for having an account unless you keep a minimum balance of at least $100, or have your checks direct deposited, or whatever. You have to buy your checks. If you accidentally spend too much, you are charged $25-30.

With cash, you never spend more than what you have, so you cannot go negative.

Granted banking does have some benefits as well. Without a bank account you have to have a credit card, or purchase money orders to pay some bills. It is inconvenient to cash checks, as you have to go to the bank the check is drawn on and it may be out of your way. It is practically impossible to cash a money order.

If you are the type of person who can budget your money wisely, and can say no to impulse buying, a bank account would be alright for you. If you are the type of person who will write a check knowing the money is not in the account, or if you have trouble balancing a checkbook.....you may save more money in the long run if you just purchase money orders instead of opening an account!

Learn more about this author, Amanda Piper.
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