Re:The Real Reason The Poor Go Without Bank Accounts
by lostlogin on Saturday September 21, 2013 @06:03PM
(#6424771)
What the hell? Minimum balance? This practice is news to me. Is this effectively making zero into 3000? What happens if you dip below?
Re:The Real Reason The Poor Go Without Bank Accounts
by Karunamon on Saturday September 21, 2013 @06:09PM
(#6424796)
Then they start charging "maintenance fees" on top of that. Thereby making the (completely manufactured and idiotic) problem even worse.
Re:The Real Reason The Poor Go Without Bank Accounts
by protomyth on Sunday September 22, 2013 @01:03AM
(#6425888)
"Low Aggregate Balance Fee $5" - always a pleasure to see on a statement
Re:The Real Reason The Poor Go Without Bank Accounts
by lostlogin on Sunday September 22, 2013 @01:30AM
(#6425921)
Ahh, obviously the solution to the problem is to lower it further.
Re:The Real Reason The Poor Go Without Bank Accounts
by djeikyb on Sunday September 22, 2013 @04:31PM
(#6427903)
All the credit unions in my county (sw usa) charge monthly fees for "low balance" checking accounts unless you meet several stringent requirements, like: >= 30 debit card transactions, >=1 direct deposit, e-statements, etc. These are and'd requirements, not or'd.
And then, even if you (the low-income person) avoid the overdraft fees, eventually monthly fees start appearing. So far, in 10 years of using banks, I've twice closed checking accounts because they started charging monthly fees. I might try a credit union next time I need a bank account.
Keep a $3000 minimum balance or have a regular job depositing money into your account electronically, and the monthly fees disappear. Banking is, in absolute terms, too expensive for the poor.