re: Why do poor people pay to have checks cashed?

Sorry you had to pay..


Poor

I never got this either. When I was poor and didn't have a bank account, I always went to whichever bank the check was from and cashed it for free there.

I can't get paying $3 per $100 to cash a check.

My shop guy used to get his checks cashed, so I now just pay him in cash and give him a cancelled check as a stub.

Because they can't get a bank account.

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You've heard of food deserts? There are also bank deserts with all the banks clustered in the more affluent parts of town. If you live in the poor part of town you need a car to get to them or you spend two hours round-trip on the bus to cash your check.

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Maybe at one time, but Bank of America and some other chains have made major pushes to expand into "non-traditional" communities. BoA has branches that are almost exclusively Spanish speaking.

In my neighborhood, there's a Chase branch and a check cashing storefront in the same parking lot. The foot traffic in the check cashing place appears to be 100% Latino, so would guess citizenship has something to do with their suspicion of banks. And I know that chain of check cashing places charges a crazy percentage, so no one would go there more than once unless they had a serious problem with banks.

Just get a prepaid Visa card. No credik check, it has a routing and account # for direct deposit. You can't get overdrawn, when the money gone, the money gone. I used one for a while when I was feeling the struggle. Now I have a legit bank account but I keep 30% towards the old card because you'll get your money a lot faster.

A lot of them send it back to Mexico, Honduras, Etc.

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We actually just made it mandatory.

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I thought they just passed a law where the employer could not force employees to direct deposit. May want to check into that.

To open a bank account:

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be sure to have the following information available to provide for both the primary and joint owners:
•Address
•Date of Birth
•Valid Driver’s License or State Issued ID (including the state, issue date and expiration date), valid Military ID, or a valid US Passport. The name on the ID should match the name on the application.
•Social Security Number (if you’re adding a beneficiary, you will need their SSN)
•If you have a freeze on your credit file, we will not be able to verify your identity and complete your new account application. If you would like to apply for an account, you will first need to unfreeze your credit file. Once your account has been approved, you can then freeze your credit file again.

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These are Federal requirements.

To get a Georgia State ID card (in order to open a bank account):

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To apply for your GA state ID card, you will need:
•Proof of your identity, such as: •Valid U.S. passport.
•U.S. birth certificate (issued by the Office of Vital Statistics or equivalent).
•Certificate of Birth Naturalization (N-550/N-570) issued by the DHS.

•Proof of your Georgia residency (2 documents), such as: •Utility bill issued within the last 2 years.
•Financial statement issued within the last 2 years (bank, credit card, etc.).
•Current rental agreement.
•NOTE: If you're a dependent and cannot prove residency, the GA DDS will also accept: •A valid GA-state driver's license, permit, or ID card issued to your parent, guardian, spouse, or child.
•Your State or Federal income tax return for the current or preceding year (it must list you as a dependent).
•School transcript with your residence shown.


•Proof of your Social Security number (1 document), such as: •Your Social Security card (original or copy).
•W-2 form.
•SSN denial/refusal letter, if you don't have a SSN.

•Payment for your ID card fee. See the “GA Identification Card Fees" section below for specific fees and accepted payment methods.

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Since 9/11, security measures have greatly improved.

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haven't had a checkbook or debit card for that account in 12 years. I need to go close it.

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It has probably been closed for you.

What Happens to Inactive Bank Accounts

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What Happens to Inactive Bank Accounts

1. The account is dormant for a specific period of time.

Generally, a time frame of three to five years with no customer-initiated activity

3. The bank turns the account over to the state.
Once the account is sent to the state, the funds are held as unclaimed property.

If you happen to have unclaimed property held by the state, you can begin the retrieval process by visiting www.unclaimed.org

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They don't want their baby mama to know how much they make.