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Detroiters Without Bank Accounts Are Paying the Price For poor residents who can’t afford the fees or don’t trust banks, not having a bank account can actually cost them money. The pandemic has only exacerbated the challenges for unbanked families. Susan Tompor, The Detroit News | April 12, 2021 | Analysis (TNS) Roughly 8.8 percent of households in metro Detroit haven t taken what financial experts call the first step toward economic inclusion. They don t have bank accounts. And it s costing them big money to cash checks and borrow money outside the traditional banking system. Need to cash your stimulus check? Call a local party store or check cashing store in metro Detroit and it could cost you around $60 to $100 just to cash a $1,400 stimulus check at some spots. ....
Roughly 8.8% of households in metro Detroit haven t taken what financial experts call the first step toward economic inclusion. They don t have bank accounts. And it s costing them big money to cash checks and borrow money outside the traditional banking system. Need to cash your stimulus check? Call a local party store or check cashing store in metro Detroit and it could cost you around $60 to $100 just to cash a $1,400 stimulus check at some spots. The bigger the check, the more money you re handing over if the fee is based on a percentage of the check s dollar amount. Check cashing fees can be 6% or more in some local outlets. A $4,200 stimulus check for a family of three could trigger $252 in fees if the store has a 6% fee. ....
Bank On Certified Accounts Help Hundreds of Thousands of Residents Receive Stimulus and Other Emergency Payments Safely and with Social Distance Sixty Banks and Credit Unions Across Every State in the Country Offer Products Certified as Safe, Appropriate by National Nonprofit Cities for Financial Empowerment Fund Bank On s 2021-2022 Standards Require Low Costs, No Overdraft Fees, Spending and Bill Payment Features, and Newly Adds Digital Financial Institutions to those With Branches News provided by Share this article NEW YORK, Jan. 27, 2021 /PRNewswire/ National nonprofit organization the Cities for Financial Empowerment Fund (CFE Fund) announced today that 60 financial institutions with over 28,000 branches across the entire country now offer accounts certified as meeting newly updated Bank On National Account Standards (2021-2022). These bank and credit union accounts support local Bank On coalition efforts to expand access to safe and appropriate ....