Live Breaking News & Updates on Consumers Without Bank Accounts Face Ongoing

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. ....

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