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.