There are less Americans using banks after the Great Recession. And some listeners called in to voice their opinions.
One caller said: My husband and I are both college educated. We have two checking accounts and get direct deposit into our accounts. But I still pull out hundreds of dollars every month to pay the bills.
I buy $.25 money orders. I do this because the bank takes too long to clear my check. And I end up paying overdraft fees. One time I overdrew my account by $12 dollars and was charged $35 in overdraft fees for each check.
My Take: I’m glad to hear the caller has a bank account and receives direct deposit. Direct deposit saves her time and money. She doesn’t have to worry about paying any check cashing fees. And the money gets in her account faster.
But she’s doing the money shuffle. Since she’s buying money orders to pay her bills. This is costing her time and money. [Read more…]