4 Ways Banks Hurt Poor People
Banks aren't great if you are poor
The Banking Industry
The banking industry is great for the middle class and above. It's a free and easy place to store your money and get access to loans
But it doesn't work the same way if you are poor
If your poor, the banking industry works to keep you that way!
No Free Checking
Free checking isn't free. Most banks have deposit or monthly transaction requirements for "free checking"
The Poor Can't Afford Free Checking
The poorest among us don't make enough money to meet the deposit requirements, and can't always afford the transaction requirements
One of the worst ways banks hurt poor people is with outrageous fees. And they try to spin overdraft fees as a positive by calling it "overdraft protection". It's gross.
I get it - banks are businesses, and a business is meant to make money. Poor people present a substantial risk.
Not Really the Banks Fault
But Society Can Do Better!
But banks don't need to allow overdrafts, and society can find non banking alternatives to help the poorest among us get ahead financially
To learn more about how banks hurt poor people, and what changes we can make to help!