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re: Why do poor people pay to have checks cashed?
Posted on 9/29/16 at 2:53 pm to AZTarheeel
Posted on 9/29/16 at 2:53 pm to AZTarheeel
quote:isn't it like $2 at wal mart?
places that take considerable fees/percentages to cash checks.
Posted on 9/29/16 at 2:55 pm to TigersHuskers
Because banks run credit checks and financial background checks before you open a checking or savings account. There's quite a bit of people out there who have overdrawn banking accounts and think if they just ignore it and go to another bank then they'll be able to open another account. Not always the case if the overdrawn account has been there long enough.
Posted on 9/29/16 at 3:00 pm to TigersHuskers
You start a lot of threads about poor people.
Posted on 9/29/16 at 3:00 pm to colorchangintiger
It takes more than a mimimum deposit. It takes good credit.
Posted on 9/29/16 at 3:00 pm to TigersHuskers
Another huge factor is a lot of places these people work don't offer direct deposit. So when they deposit their check on a Friday, it won't clear until Monday. So they pay that $7 to have money in hand.
Posted on 9/29/16 at 3:01 pm to TigersHuskers
i used to work at a bank. you'd be shocked the number of people that don't qualify for checking accounts.
Posted on 9/29/16 at 3:02 pm to BigEdLSU
quote:
It takes good credit.
not necessarily credit. most banks use chex systems as a reporting agency. that means if you overdraft an account and the bank charges it off the rest of them know about it.
Posted on 9/29/16 at 3:08 pm to TigersHuskers
A lot of poors have bad standing at banks....so having a bank account is not an option.
Posted on 9/29/16 at 3:08 pm to TigersHuskers
So their accounts can't be taken for things like child support.
Posted on 9/29/16 at 3:15 pm to TigersHuskers
They owe money and don't want people taking it out of their account
Idk what these other people are talking about. I opened a bank account when I was 15
Idk what these other people are talking about. I opened a bank account when I was 15
This post was edited on 9/29/16 at 3:16 pm
Posted on 9/29/16 at 3:16 pm to BigEdLSU
quote:
It takes more than a minimum deposit. It takes good credit.
No it does not. You can open a bank acct with NO CREDIT, therefore it cannot possibly take GOOD CREDIT.
Posted on 9/29/16 at 3:17 pm to BigEdLSU
quote:
It takes more than a mimimum deposit. It takes good credit.
I don't believe it is a credit thing, but I could be wrong. I believe they just check you in a system that looks for overdraft/charged-off bank accounts. Granted, that usually goes hand in hand with bad credit, but I don't believe they run a credit check on you at most institutions.
Posted on 9/29/16 at 3:19 pm to TigersHuskers
They don't want a checking account because that means there is a place that could have a lien attached to it to get their money. It usually means they have creditors of some sort looking to collect money and have garnishment outstanding.
Posted on 9/29/16 at 3:19 pm to slackster
quote:
I don't believe it is a credit thing, but I could be wrong. I believe they just check you in a system that looks for overdraft/charged-off bank accounts
Yes, you just had to not be a frick up previously within the banking system. Nothing to do with credit necessarily, however I'm sure there is a correlation between the frick ups and poor credit
Posted on 9/29/16 at 3:21 pm to BigEdLSU
quote:
You're so privileged you don't even realize it takes good credit to open an account
Hmmmmmm. Nah I'll pass.
Posted on 9/29/16 at 3:26 pm to deNYEd
quote:
however I'm sure there is a correlation between the frick ups and poor credi
Haha yes, a really strong one.
Posted on 9/29/16 at 3:30 pm to Hammertime
quote:
I opened a bank account when I was 15
same here. I still have it. Probably have $500 bucks give or take in it. haven't had a checkbook or debit card for that account in 12 years. I need to go close it.
Posted on 9/29/16 at 3:33 pm to Topwater Trout
quote:
Aren't most companies direct deposit now?
Most half decent ones are
Posted on 9/29/16 at 3:37 pm to TigersHuskers
quote:
I never understood this. It's way cheaper just to start a bank account and you wouldn't have to pay to cash them.
You remind me of Poppy Bush when he saw a scanner at the grocery checkout counter for the first time, totally out of touch.
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.
And poor people don't get the totally free checking accounts because the banks lose money maintaining accounts with a balance that always hovers around zero.
If you're lucky enough to be known at a local bar or grocery store you can often get free check cashing, otherwise you pay for it.
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