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Hello Donna,
At a time when you can pay bills online and deposit checks remotely using a cell phone, it’s amazing how many Americans don’t have bank accounts.
One in nine households is without a checking account.
And almost one-third of the population is underbanked — lacking the full range of basic financial services. Going without such services is not only inconvenient but also expensive. Someone who cashes paychecks or benefit checks at a check-cashing service and pays bills with money orders may end up spending more than $500 a year for transactions that would cost no more than $120 at banks that offer basic checking accounts.
Life is more expensive for people who have less.
It’s one thing, of course, for relatively affluent people to pay a fee to cash a check because they are in a rush, and quite another for someone to rely on so-called alternative financial services for all of his or her transactions. Check-cashing services in New York are permitted to charge 1.91%. If someone with a $15,000 income uses them regularly to cash paychecks, that could cost up to $286 a year. Postal money orders cost $1.15 apiece, so someone using them to pay three bills a month would spend another $41 a year. Other charges — for prepaid debit cards, say — could push the total cost to more than $500 a year. And the cost of consumer borrowing outside the banking system is horrific. A 30-day auto-title loan charges interest equivalent to an annual rate of 50% to 100% or more.
Why would people be willing to incur significant costs when a basic checking account and debit card can be had for $10 a month?
Services aren’t always available.
Banks typically want to attract customers who will eventually want services that are more profitable. As a result, some institutions don’t offer products for customers with limited resources. In some states, banks are required to offer a low-cost basic banking service. But they have no reason to promote it and typically encourage new customers to choose a more expensive package of services. In addition, banks may not maintain many branches in areas with lots of low-income customers.
Banks typically want to attract customers who will eventually want services that are more profitable. As a result, some institutions don’t offer products for customers with limited resources. In some states, banks are required to offer a low-cost basic banking service. But they have no reason to promote it and typically encourage new customers to choose a more expensive package of services. In addition, banks may not maintain many branches in areas with lots of low-income customers.
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Was absolutely unaware just how difficult it was for our fellow Americans able cashing even their paychecks if not having a personal banking account!
Anyway! As far as the one $1,000.00 check I currently have from mother, thought we try this.
My auto insurance is overdue which means I should no longer even be driving the jeep; even if money for gas. Could end up in an accident my fault; or faulted only because of the meths usage? Losing even the house?
So I wrote the policy number on the front of the check then endorsed the check "Pay to the order of State Farm" and mailing it tomorrow. I'm able seeing no reason why they would be unable doing an electronic fund transfer from mother's account with this check; mailing me a check for the difference.
I've attached a scan of billing statement from State Farm with this email. Not expecting you paying the insurance premium if this doesn't work. But I'm expected by Magistrate Court of DeKalb County showing up for these courts hearing and drug testing or a warrant could be taken out for my arrest.
Also, I've checked into taking out a loan using the 100% equity owning my home. It appearing, not only no one interested in hearing anything I'm needing to say, I'm of no value period due to no source of incoming revenue.
Again there is nothing I'm expecting of you. But you need understanding, selling my home and moving elsewhere is definitely not an option either.
Sincerely yours,
Simply Jim
Attachments
- State farm Auto Marck 2018 (2).jpg (269.59KB)
- State farm Auto Marck 2018 (3).jpg (595.72KB)
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- Mary Pops In!! Condition number 4.jpg (290.85KB)
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What Does Name "Marck" Mean
You have psychic power. You can carry on for others with joy. You have a receptive nature and may bear burdens for others. You are pragmatic, thorough, strong-willed, practical and stubborn at times. You are hard working, often martyr to duty. You like home and security above all.You are bold, independent, inquisitive and interested in research. You know what you want and why you want it.
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Life is more expensive for people who have less.
Even in gentrifying neighborhoods, there are lots of people earning less than $15,000 a year.
In addition, African Americans, Native Americans and Hispanics have higher rates than whites and Asians.
Only about 5% of employed middle-class Americans are without bank accounts, but more than 20% use financial services outside the banking system — typically for reasons of convenience.
Why would people be willing to incur significant
costs when a basic checking account and debit card can be had for $10 a month?
costs when a basic checking account and debit card can be had for $10 a month?
Services aren’t always available.
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Some people don’t trust banks. Recent immigrants may doubt the safety of banks. And many low-income people who could afford a basic account but would have a minimal balance worry that they might incur charges of $25 or more if they accidentally bounce a check or make some other error. In addition, although the use of direct deposit for paychecks makes money available more quickly and typically reduces monthly fees, some people may distrust electronic banking and prefer paper checks — or their employers may not offer direct deposit.
Potential customers lack financial literacy. The most difficult cause to quantify is whether people go outside the banking system because they don’t really understand how consumer finances work or how much nonbank alternatives charge. Each individual transaction costs relatively little, even though cumulatively they can add up to many times what a basic checking account would cost.
While these problems are most severe for low-income people, all consumers face them in one way or another. Paying an extra annual fee for a card that give you airline miles, for example, is a waste if you don’t use the card enough over the course of the year. Choosing a banking plan that requires a higher minimum balance than you can easily maintain can lead to higher monthly fees. And incurring an unnecessary ATM fee because your own bank branch is too far away and you forgot to get cash earlier isn’t really any different from using a local check-cashing service.
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I only read what you texted!!
Sent from my iPhone
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I said that I told officer smith just what you texted me and he said he wrote it down and would make sure officer Davis got it and that he would personally call me! I️ have been waiting all afternoon for Davis to call !!!
Sent from my iPhone
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While these problems are most severe
for
low-income people,
all consumers
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