Many in U.S. don't have bank accounts

[Roon]

WASHINGTON (AP) - Grandma stuffing money under the mattress isn't the only one living outside the banking system.

As many as 28 million people in the United States are forgoing traditional financial institutions because of mistrust, cultural and language barriers or a belief that by the time all the bills are paid there will be nothing left for an account.

That can be expensive and risky. People can run up big fees to cash checks, pay bills and meet their other financial needs. Walking around with large amounts of cash can make them a target for thieves.

The bankless are estimated to earn hundreds of billions of dollars a year in income. Seeing a business opportunity, banks are trying to draw in these potential customers. So, too, are check-cashing businesses and retailers, including Wal-Mart.

http://www.9news.com/money/article.aspx?storyid=72534

I used to wait all day for my social security check then I would have to run to the store to cash it, get money orders,buy stamps, and mail in all my bills. I found a bank that has free checking and now my SS check is direct deposited,it's deposited a little after midnight, and I can pay my bills online. I also got a debit Visa card which is very nice and handy to have. What I like about this bank is they keep your balance up to date on the Internets and so I don't have to balance a checkbook. There is no reason that anyone should go without a bank account. If I can have one, anyone can.

[Warpy]

1. Yes, there are still a few good deals out there

and urbanites with access to credit unions have the best chance. Most banks here in NM were gobbled up by megabanks from California and back east, so the pickings for poor folks are pretty slim.

I went without a bank account in the 60s. It costs a lot more than a $3.50/month service fee and the cost to print checks to do everything by money order. I was delighted when I finally had $10.00 that didn't need to be spent right away and I could open an account.

[NMDemDist2]

2. we have a little local bank down here

it's great!

I noticed a check I had written to the local Oil Change place hadn't been cashed after a full month. I called the owner and he told me he had been broken into and my check (along with several others) had been stolen. Luckily he had already stamped the back of all of them to deposit Monday.

I asked him where he banked and he was at the same little bank I was, so when I went and told the bank teller the situation, she was more than happy to waive the stop check fee so I could re-issue a new one.

The customer service is great and it has a nice online presence too.

I love small town NM :bounce:

[Warpy]

8. Big city NM is kinda neat, too

but remember, I was used to New England service: taciturn at best, absent at worst.

I've had garages do minor repairs on my car for free. I've always gone back, too. The minor repair might have cost them a couple of ounces of fluid and a clamp, but it gained them a loyal customer.

Funny, those are the places that never tried to sleaze me on the big stuff. Fancy that.

[HereSince1628]

3. Went to open a bank account in 2004 after moving back from Arkansas

I was living with my SO and I wanted to have my checks deposited directly at a neighborhood bank for convenience. But the kid at the bank required proof of residency via a recent utility bill and wouldn't back off of it.

I was shocked that a valid drivers license wasn't adequate and I didn't have any recent utility bills because everything was in the SO's name (the farm is not on the grid). The excuse was requirements of Homeland Security.

I solved my problem by walking out of the bank and opening a checking account at the bank my farm mortgage had been with for 15 years. Having a bank that's 40 miles away isn't exactly convenient if you need to do a face to face but it works.

I gotta say presented with that sort of experience I can see how urban myths can be generated that could intimidate people.

[madrchsod]

4. opening up through out the midwest wal mart banking centers

24 hour 7 days a week on line and regular full service banking during the day. wal mart has a deal with a texas bank to open these centers in wal marts in the midwest

[Rosemary2205]

5. My megabank does this too.

I have free checking, a debit/visa/atm card, fraud protection, free online billpay, free ATM withdrawls, free direct deposits. I do not have overdraft and don't need it but my acct gets pretty close to zero every month (less and less each month these days).

The only thing my online checkbook doesn't deduct is "pending" online payments and Debit card purchases that have not been reported by the store yet - but those normally only take 1 business day.

[uppityperson]

6. Credit Unions are good with customer service/low fees & with debit card,

the only hard part is mailing checks to them if you are out of the area.

[alarimer]

7. Some of the fees are ridiculous

$15 charge if you don't keep a $1000 monthly balance? That was my bank in Florida. Actually all the banks in Florida had similar deals. Apparently the banking laws are pretty lax there. I moved to Texas and I don't have that problem with my bank. No fees at all. I wouldn't have thought Texas has stricter banking regulations than Florida.

Anyway, I would guess that a lot of poor people live paycheck to paycheck and can't maintain a balance with all the fees. But they are the same people who are ripped off by check cashing places and payday loan outfits.

[The Straight Story]

9. Wells Fargo charges me to cash my checks there, drawn on wells Fargo check

Since I moved here to bakersfield there is no branch for the bank I use, and for whom I work.

I do a side job here and they bank with wells fargo, so I go there to cash the check (and as that is primarily bill money, I ain't opening an account) - $5 each time they cash it.

I got charged less at a check cashing place the first check I cashed.

[RB TexLa]

10. The competition for customers. Non-customers feel a pinch from that

You have to give free checking, free bill pay, free online access and most free phone support. Most everyone that has free checking used to pay anywhere from $3 to $15 or so a month for that checking account.