re: If you run a bank ...

Long time banker here….In theory you’re thought works, but in reality, for every one person that says yeah good idea I’ll open an account, there are 100 that would simply use the service and waste an hour of your employees time.

Plus, 9 out of 10 people that then open account are likely ones that keep $100 in their checking accounts outside of payday. Anybody that keeps healthy balances is very likely to have access to a notary somewhere. Those $100 accounts all lose money for the bank more or less. That whole paragraph is a 10k generalization of course but not far off from reality.