this post was submitted on 08 Aug 2023
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I struggle to understand the "poor and unbanked" argument. You will still need a smartphone and an app at the very least? Which is not cheap?
I assume that they're talking about not having the minimum funds available to open an account or not being able to maintain the minimum balance and having the fees for not doing so being significant.
https://www.forbes.com/advisor/banking/bank-account-minimum-deposit-minimum-balance-requirements/
https://www.thebalancemoney.com/typical-minimum-balance-for-traditional-savings-accounts-5204547
The bank is going to make their money by lending out the money you deposit, so they're going to want to have some money kept in the account.
Might also be that "unbanked" is a euphemism for illegal immigrants who don't have bank accounts because they're worried about showing up to immigration enforcement or something. It looks like, while an illegal immigrant won't have a Social Security number, there are ways to get around that.
googles
Or maybe that they immigrated legally from somewhere where banks aren't a very safe place to put money.
https://www.cnbc.com/2021/10/12/more-than-12percent-of-hispanic-households-are-unbanked-why-that-can-cost-a-lot.html
I mean, a mobile phone is going to cost something too, but I think that that's kinda considered to be an essential by a lot of people today. Like, they're going to want to have a phone to have a phone, independently of how they might use that phone to spend money.