8 years ago
3
It’s expensive to be poor
When Ken Martin, a hat-seller, pays his monthly child-support bill, he uses a money order rather than writing a cheque. Money orders, he says, carry no risk of going overdrawn, which would incur a $40 bank fee. They cost $7 at the bank.
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http://www.economist.com
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This feels like saying water's wet, from my perspective. It's all about being a high-risk versus being a low-risk for banks, and if your a high-risk they're gonna make you pay through the nose for it. When you're poor and living paycheck to paycheck, yeah, you can't always be reliable with that min. deposit or fee. That's what kills you.
Although, the ATM thing gets worked around in my area by using the self check out at the local grocery store. Buy a cheap item (as little as 25 cents) and then ask for money back. Practically free (if you buy stuff you were already gonna buy anyways).
Unfortunately, a large group of people think being poor is a direct result of personal failing and laziness. Articles like this are necessary to show how being poor is systematic not personal.
Yeah, I guess so. Being poor, I guess I have to think about these things on a regular basis because it's relevant for my life; it makes sense it'd be the opposite for other people who aren't.