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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 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. ....
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 cashing fees can be 6% or more in some local outlets. A $4,200 stimulus check for a family of three could trigger $252 in fees if the store has a 6% fee. ....