Streams

The High Price Of Financial Transactions When You're Poor

Thursday, July 17, 2014

Approximately 70 million Americans don’t have a bank account or access to traditional financial services, according to American Express. And this ends up costing a lot — in fees and time.

Many end up relying on check-cashing services, which come with hefty fees. When it comes to paying bills, having no checking account can mean that a person must pay a bill in person with cash.

As The Atlantic’s Derek Thompson writes, “for tens of millions of Americans without a bank account, paying a bill isn’t just an odyssey, it’s a part-time job.”

Thompson joins Here & Now’s Meghna Chakrabarti to discuss the issue and a new documentary called “Spent: Looking For Change,” which was produced by American Express and aired at the Aspen Ideas Festival in June.

  • Are you one of the millions of Americans without a bank account? How has it affected your life? Tell us on Facebook or in the comments.

[Youtube]

Guest

Copyright 2014 WBUR-FM. To see more, visit http://www.wbur.org.

Source: NPR

Tags:

The Morning Brief

Enter your email address and we’ll send you our top 5 stories every day, plus breaking news and weather.

Leave a Comment

Email addresses are required but never displayed.