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by jabroni_salad
1892 days ago
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Day to day, there is Chexsystems, which is a whole ordeal. If you get on their naughty list, you will have trouble opening a bank account at all. at my level of income, I am not really concerned, I have enough buffer that all my transactions can shake out no problem. At lower incomes, consumers are very sensitive to transactions settling too fast or too slow. A bill is due on the same day as payroll? Probably a 50% chance to collect either an overdraft fee or a late bill fee and you have no control over it. Get enough of those and your only resort will be fee-laden prepaid cards or cash-only. Almost 2/3rds of Americans are 'paycheck to paycheck'. Do not scoff at this. Access to simple electronic payments needs to be equitable. |
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