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New FDIC Study Shows One in Four U.S. Households Currently Unbanked or Underbanked

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I found this article very interesting. It's from 8 months ago and obviously was not publicized.
Is it necessary for everyone to have a bank account? Isn't it true that anyone can have a bank account and people who don't have one just don't want one? Is it the governments responsibility to make sure everyone has a bank account? Should the so called unbanked receive free perks others don't? Lastly, do you think the government is really that concerned that it is to everyones benefit to have a bank account or is it something else?

 
itsmesteph11

Asked by itsmesteph11 at 9:00 AM on Aug. 15, 2010 in Politics & Current Events

Level 39 (113,405 Credits)
This question is closed.
Answers (15)
  • OP--I figured making EVERYONE have a bank account would be so that IF ObamaCare comes to fruition, they would be able to access your bank account and withdraw the money you claim you don't have for your medical bills instantly! Yes, it's in the bill!!

    I recently opened a Credit Union account, because my bank charges $15 if you go under $100, but i never knew about the pre-paid credit card option...I'm going to look into that!! I have a "fun money" account in which 20% of my paycheck is automatically deposited...so $100 is a $100 that I would like to be able to use, without incurring a $15 fee!! :o)
    LoriKeet

    Answer by LoriKeet at 9:40 AM on Aug. 15, 2010

  • You can better believe if Obama care comes to fruition I will be closing mine... Maybe not all together, but I'll stop the direct deposit and cash our checks out of hand. My bank does not charge fees if your account goes too low, and actually my checking is completely free.
    lovinangels

    Answer by lovinangels at 10:31 AM on Aug. 15, 2010

  • My thought on it is this: Bank accounts are a lot like credit cards these days what with their over draft fees. Where as I can get a pre-paid card, for really cheap, that I can have my job direct deposit my check to. Plus once the money runs out on the card till the next pay check (yes we barely live pay check to pay check like most Americans), I don't have to worry about over draft fees piling up and eating up our next pay check when it is deposited.
    MythicMMM

    Answer by MythicMMM at 9:07 AM on Aug. 15, 2010

  • We only have the prepaid debit card my husband's paycheck is direct deposited on. We had a bank account a few years ago and turns out the account can be garnished by anyone (not just the government for taxes and such like we were told). We had a few hundred spare in there, a couple hundred in the savings, and three or four checks out when I logged on to check the balance and everything was empty. Two days later, we got the letter in the mail that the account was to be garnished. After that, we don't want another one. We do just fine with the prepaid card, which we pull all the cash out of every pay day. Cash is just fine for us.
    I don't think everyone needs a bank account. We could have one if we wanted, but we don't want to go through that hassle again.
    Kiwismommy19

    Answer by Kiwismommy19 at 9:14 AM on Aug. 15, 2010

  • I'm seriously considering pulling every penny out.
    I do not believe it necessary to have a bank account. In my opinion its just a way for them to track your spending and I'm really not "down" with that.

    Off to read your link now :)
    ToriBabe1221

    Answer by ToriBabe1221 at 9:19 AM on Aug. 15, 2010

  • Wow. It almost makes it sound like, if you don't have a bank account, your poor, and you don't know how to save and budget money for your future.
    I don't know about other people, but I don't need a flipping bank to have some money sense!
    This makes me want to close my account even more.
    ToriBabe1221

    Answer by ToriBabe1221 at 9:24 AM on Aug. 15, 2010

  • I don't think everyone should have a bank account. Honestly, I hate the idea of having a bank account, and I only have one now for the car insurance to be automatically taken out of it. I do not leave money in there that doesn't need to be in there. I honestly think the government would love for everyone to have a bank account because they monitor it. I have no doubt in my mind that that is exactly what they do. So of course they are going to try to give away perk and stuff to bring more people into the banking system. Do I think these people should get special perks? Well, I don't know...because I have learned that there is always a catch anyway.
    fallnangel93

    Answer by fallnangel93 at 9:29 AM on Aug. 15, 2010

  • 1- Bank accounts conduct credit checks now, so many people cannot get one.
    2- It's not a necessity. If you are living paycheck to paycheck, a bank account can be a huge liability...you make a dime math error and it costs you 15, 25, or 35, dollars. I once had a bank charge me over a hundred dollars because my account fell eighty cents below, I made them refund all but one fee, and then closed my account. I'd only made one math error, which had caused a huge fee, which caused the other fees. They in essence filed the eighty cents under four different transgressions and then charged a fee for each one. I closed my account with them the next day.
    lovinangels

    Answer by lovinangels at 10:37 AM on Aug. 15, 2010

  • Having a bank account has so many benefits but really is for convenience. It is hard to go drive with the kids and get money orders and pay for them, pay extra fees to have your check cashed. Wait and mail your checks..or pay western union to send money for your so your electricity is not shut off. I feel for those who have made mistakes and can not get one now. But there are always other options like prepaid cards. They can be a huge liability to someone who does not balance it or over spends, or I have seen people who live on government assistance and does not want the government to see how much money they really have. I have also met others that just rather would not have one. It takes a little discipline and responsibility but I think they are a good thing. If you just pay attention to it it will save you money in the long run.

    Momforhealth

    Answer by Momforhealth at 11:24 AM on Aug. 15, 2010

  • I think banks are a business and I don't have a problem with them charging fees here and there. Banks have always charged overdraft fees just as store charge fees if you write a hot check(which is illegal you know) . Personally I belong to 2 credit unions. They have better rates and are more personable. My credit union has overdraft protection and I have opted into it. I don't spend money I don't have but everyone has screwed up their account one way or another at least once and ended up with a mess. The money would be taken from my savings though and not the banks money and it costs me $5 not the $25-$35 that banks charge. The point here is you the consumer need to shop around. Banks are businesses and free bank accounts are not a right. as the government wants you to believe. You can live comfortably without a bank account and things like this are just more power to the government.
    itsmesteph11

    Comment by itsmesteph11 (original poster) at 9:22 AM on Aug. 15, 2010

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