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The Financial System is built to exploit the poor and indebted
- JPMorgan Chase makes over $2 billion a year from overdraft charges.
- The average overdraft fee grew 54% from 1998 to 2018.
- Americans as a whole paid $34 billion in overdraft fees in 2017.
- For many regional banks, bank fees make up 40% of all revenue.
- More than one-third of households that don’t have a bank account say the main reason is that they don’t have enough money.
- The average annual cost of not having a bank account is $196.50 for people who use a prepaid debit card that features direct deposit. That figure jumps to $497.33 if the card doesn’t offer direct deposit.
- People who deal only in cash face average annual costs of $198.83 for check cashing and money order services.
- With approximately 9 million un-banked households in the United States (down from 9.5 million in 2013), the aggregate annual cost to these families is between $1.8 billion and $4.5 billion.
- Not having a bank account forces people to use alternative financial services; unbanked consumers are about six times more likely to use costly check-cashing services.
NerdWallet
How to Cash a Check (And Save on Fees) - NerdWallet
Learn the three steps to cashing a check and where to go, especially retailers that charge low fees. But there's one place to avoid.
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