General Discussion
In reply to the discussion: Class warfare? How the Poor are denied access to basic BANKING [View all]Socal31
(2,484 posts)Just because it is electronic does not mean it is not the same thing.
And I am on no pedestal here, I used to over-draft all the time.
Once you are in the chexsystem, (A report that banks share with each other about risky clients), it is harder to get out of than something on your credit report.
There are resources online for finding banks that do not use this system.
I eventually ended up using a Wells Fargo Second Chance account....they only let you deposit in-store, put holds on your checks (so direct deposit is best), and limit your purchases. However, after 3 months of no issues, they converted it to a regular account.
Also, there have been laws passed that limit the amount of OD fees they can charge in one day. I was actually part of the class-action against BofA and got a sweet check for a whole $70 or so 2 months ago.
But yea, there is a large population of under-banked Americans. Some seek out the Greendot or other cards from Walmart (NOT gift cards) that can have pay-checks directly deposited, but always read the fine print.