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Detroiters Without Bank Accounts Are Paying the Price For poor residents who can’t afford the fees or don’t trust banks, not having a bank account can actually cost them money. The pandemic has only exacerbated the challenges for unbanked families. Susan Tompor, The Detroit News   |   April 12, 2021   |  Analysis (TNS) — Roughly 8.8 percent of households in metro Detroit haven't taken what financial experts call the first step toward economic inclusion. They don't have bank accounts. And it's costing them big money to cash checks an...

Roughly 8.8% of households in metro Detroit haven't taken what financial experts call the first step toward economic inclusion. They don't have bank accounts. And it's costing them big money to cash checks and borrow money outside the traditional banking system.  Need to cash your stimulus check?  Call a local party store or check cashing store in metro Detroit and it could cost you around $60 to $100 just to cash a $1,400 stimulus check at some spots. The bigger the check, the more money you're handing over if the fee is based on a percentage of the check's dollar amount.  Check cashin...