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Comment Re:Financial stability and mobility (Score 1) 1103

While at some point having a stable home is cheaper than the alternatives, his constantly overdrawing his checking account is, I feel, a separate issue from mobility, though I can understand why you/he has them conflated.

I left out an important detail. So I can understand why you'd see them as separate issues. The piece of information that I left out is that my friend's financial decision making have led him to live in his mother's house. His mobility could be regarded as a side-effect of his inability to purchase his own home or to get a lease.


Comment Re:Weekly/Monthly Salary (Score 1) 1103

It's not my intention to be judgmental about anyone's circumstance.

I come from modest beginnings. I'm not the best handler of money. I have a friend who's a good example of what I'm talking about.

He and I are from very close parts of town. We both come from divorced homes. He went to art school and I went to college. We're both pretty good in our respective fields. He is over 40 with no children. I am 37 with several children.

Despite the fact that we had similar educational backgrounds, he can rarely go an entire month without overdrawing his bank account. I own my own home and he does not.

He's my friend so I don't judge him. I don't look down on him. I don't think this makes me a better person than him. It does make me more fiscally astute. On several occasions I have asked him why he doesn't make certain changes and the answer usually ends up being that he prefers his system of financial management to one with more stringent rules. He has the freedom to pick up and move whenever he wants to, while I do not.

Basically, people choose their own lives. There are pros and cons to every decision. Choose yours widely.


Comment Re:Weekly/Monthly Salary (Score 4, Informative) 1103

The Nigerian scam still works on this principle. They send you a check drawn from a foreign or at least out of state bank. You deposit it and the check clears. One business day later all of the funds are available. If you're stupid enough to send them the money, when your bank finally figures out that the check was worthless, they back-charge your account. You end up several thousand dollars negative that you have to repay out of your own pocket.

Despite the instant clearing, this process can sometimes take 8 weeks to play out.


Comment Re:State of Oklahoma as well (Score 1) 1103

This is my money, the state and its corporate partner shouldn't be making money off me when I try to get it.

I just wanted to interject this: conservative or liberal, I hope we can all agree that big business colluding with big government is often times a recipe for bad things to happen.

I wholeheartedly agree. The problem I see is that many conservatives and liberals are all for government partnership with big business, when it suits them.


Comment Re:Weekly/Monthly Salary (Score 5, Insightful) 1103

With all due respect sir, you don't know what my life and upbringing were like.

I've been luckier than many. Perhaps in some ways, I've been luckier than most. However, I have faced more than my fair share of hardship.

These are not perpetual infants that we're talking about. These are people who are presumably adults and are responsible for their own decisions, rational or not.
At some point, we become responsible for ourselves.


Comment Re:Weekly/Monthly Salary (Score 1) 1103

Please don't take this question as an attack, I do not mean it as such...

Have you ever offered to give one of those domestic employees a $10.00 loan to open an account at a Credit Union?
$10.00 interest free, paid back $2.00/month...

I would suspect not. I would also suspect the reason is that you know they either wouldn't take it or for some other reason it wouldn't work out.

My point is that at some point, people are responsible for their own decisions and their own positions in life.


Comment Re:Weekly/Monthly Salary (Score 5, Insightful) 1103

I switched to a credit union in 2010 after I got fucked over by S & T Bank. My credit union charged me $10.00 for membership.

If you're in a bad financial situation, it can be hard to come up with a spare $10.00 but isn't that better than getting charged $4.00 EVERY TIME you want to access your money?

Yes, being poor sucks. But at some point, you have to start making decisions with an eye towards the long term.


Comment Re:But why not make it an option? (Score 1) 1103

I agree that obtaining a free checking account is simply not possible for many people; if they've bounced checks in the past, many banks will refuse to open a checking account for you, no matter the cost.

I'm not sure it's just having bounced checks so much as having bounced checks and not paid the money back.


Comment Re:Perfect is the enemy of good. (Score 1) 1103

You are correct, check cashing places are on par with "payday lenders" as the lowest of the low when it comes to exploiting the working poor.

I have difficulty believing that aside from the most remote enclaves of humanity, the working poor in the US don't have access to banks or credit unions. This is speculation on my part, I admit that, but I would guess that the bigger problem is the lack of financial education for the poor. When you're more worried about where your next meal is coming from, it's less important to compare fee schedules from financial institutions.

Even a $5.00/month fee for a checking account is still better than the $2.00/transaction that they would get hit with by these rip-off cards,

I'd be less inclined to give the banks incentives. If it were my decision(admittedly it is not), I'd mandate that these cards have maximum fees capped at something like $4.00/month per card. Let the banks negotiate with Visa/MC for a little slice of the 2-4% on credit transactions that they'll make on purchases.


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