A bank account can be an important step toward financial security, especially when most Americans are budgeting down to their last nickel. But a survey by the FDIC shows that at least 30 million U.S. households are “unbanked” or “underbanked” – meaning these folks have little or no access to basic banking services. And they may be paying even more for it.
Without a bank account, millions regularly rely on payday loans, check cashing, and other alternative financial services. But check cashing and payday loans can cost you a lot more than you think. On average, users spend over $800 per year on check cashing fees. Keep in mind, it’s usually free to open a bank account. And while many people have closed accounts because of overdraft fees, service charges or minimum balance rules, changes next year will mean more protection for you and your money.
Head over to The Beehive to learn more about your banking options and how to start saving money today.
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[...] you’re one of the many unbanked folks thinking about opening an account, or you’re simply unhappy and want to switch banks [...]