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Is a bank account worthwhile for poor people
Article ToolsEspecially, if you are poor, you should have a bank account. Growing up around a major city, I have seen many people wander into a Currency Exchange to cash their checks. Currency Exchanges and institutions like them charge huge fees for you to access your money.
I guess they must charge these fees, because if your check is bad, they have no way to re-coup from a walk in customer.
Just yesterday, I witnessed at my own bank, a mother and her son trying to cash a check, without a bank account. Even the bank, charges a fee for this.
If you are poor or living close to the vest, with your money, get searching. There are banks that have no minimum balance checking, without a direct deposit. Find them and get started.
To help maintain the account. Make a rule that for every deposit, you will leave $1 in your account. Slowly, you will build up a little padding to begin a savings account.
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Is a bank account worthwhile for poor people
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Having a bank account is always worthwhile. The question for low-income individuals is whether it is worth the finan... read more
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by Brian Cote
It is absolutely worthwhile for all people to have a bank account. In fact for people who do earn less than average i... read more
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by Pnk Guru
Think you are a poor person. Will you be happy if you are denied the right to open an account in a bank? Do you think... read more
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According to the 2005 U.S. Census Bureau report, there are 37 million Americans identified as poor, up from 35 millio... read more
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by Neil Dixon
Are you a low income earner with little or no spare cash each month? Is it worth your time opening a bank account, a... read more
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