Many in U.S. don't have bank accounts [View All]

[Roon]

WASHINGTON (AP) - Grandma stuffing money under the mattress isn't the only one living outside the banking system.

As many as 28 million people in the United States are forgoing traditional financial institutions because of mistrust, cultural and language barriers or a belief that by the time all the bills are paid there will be nothing left for an account.

That can be expensive and risky. People can run up big fees to cash checks, pay bills and meet their other financial needs. Walking around with large amounts of cash can make them a target for thieves.

The bankless are estimated to earn hundreds of billions of dollars a year in income. Seeing a business opportunity, banks are trying to draw in these potential customers. So, too, are check-cashing businesses and retailers, including Wal-Mart.

http://www.9news.com/money/article.aspx?storyid=72534

I used to wait all day for my social security check then I would have to run to the store to cash it, get money orders,buy stamps, and mail in all my bills. I found a bank that has free checking and now my SS check is direct deposited,it's deposited a little after midnight, and I can pay my bills online. I also got a debit Visa card which is very nice and handy to have. What I like about this bank is they keep your balance up to date on the Internets and so I don't have to balance a checkbook. There is no reason that anyone should go without a bank account. If I can have one, anyone can.