A journalist for the Washington Post estimates that 60 million people have limited or no access to banks or other traditional financial services.
The article is more of a call to arms for banks. It’s titled “FDIC: Quarter of U.S. households have limited or no access to banks.”
I think this journalist is backing into a belief that banks offer cheaper services than other financial institutions. This is not the case. Just yesterday, an op-ed in the Boston Globe ripped banks for charging excessive fees money order compared to check cashers. I also think a payday loan is cheaper than an nsf.
Just because banks offer free checking, does not mean they’re some not-for-profit operation.
