[anoncoward111]

In the USA, not meeting minimum deposit requirements, having a bad credit history or trackrecord with banks, not paying monthly fees, and not knowing how to use a computer can all preclude someone from being able to qualify or use a bank account.

I've personally seen friends struggle with all of the above, but the reloadable AMEX cards at Walmart seem to be doing well to fill in the gaps (except for not being able to direct deposit into them)

[Broken_Hippo]

I'm not sure about the AMEX reloadable cards, but the Visa/Mastercard ones allow folks to have direct deposit. IIRC, they tend to waive the monthly fee if you do so.

Additionally, I know many employers in Indiana offered prepaid cards to their employees that did not have bank accounts. It has been 5 or 6 years since I lived there, mind you. These had fees involved as well, but it was better than nothing.

[techsupporter]

For what it’s worth, the Bluebird reloadable Amex cards at Wal-Mart now offer direct deposit as a feature. In case that’s relevant to anyone reading.

[anoncoward111]

hey nice!!! I really appreciate that info. Definitely a game changer then. I know a guy who was going to checks cashed, every week, paying those fees, cash under the mattress etc etc etc. If only he know Bluebird was around the corner! He eventually got approved at Ally

[Amezarak]

> not paying monthly fees,

It really gets my goat that some banks even charge monthly fees. Having a checking and savings account should be free. Withdrawing from and depositing to the account should be free. Writing checks and using a debit card should be free.

I am not a fan of overdraft fees, but I can see that they're at least justifiable.

Please don't patronize banks that have these fees.

[anoncoward111]

Highly agreed my friend. I have never ever been charged a single fee for anything by my credit union. I've been there for 10 years now. Aside from the money they make loaning out my deposits there, I don't think they've ever made a cent off me. They have a direct deposit from my employer, but they pay me 1% APY monthly and I am sure they're losing money on me in that regard,

[toast0]

If they're paying you 1% APY on deposits now, they're not losing money. The going rate rate on deposits these days is a little over 2%.

[anoncoward111]

I agree, but what I think I mean is, whatever theyre making on my direct deposit (probably $10 a month in fees to my employer) is less than the 0.83% of xx,xxx in my checking :)

I would surely love 2% on my checking though! I thought 2% was on cash back, I will need to search for 2% checking with no restrictions somewhere

[toast0]

I think I see where you're going about the fees from your business. I agree, there's really not a lot of income directly generated, but a checking/savings account doesn't generate a lot of costs either. My understanding is it your credit union originates and services loans, that can be a pretty significant interest generator.

My credit union will give you 2% in checking if you meet all of these:

10 debit or credit card purchases per month

enroll in and maintain eStatements, eNotices, eTax & eCoupons for your accounts and loans

$300 minimum monthly ACH credit transaction or $5000 in deposit or loan balances

Previously, they required 10 debit card transactions per month, and I'm not sure I've made that many in my life. I'm going to check a bit closer on this, thanks. Credit union is StarOne.