Monday, October 4, 2010 - 3:49 PM
This AP article provides an interesting look at how people can live without banks (or credit unions). The article cited a government study that stated that 25% of US households don't have bank accounts and instead depend on check-cashing and pay-day loan services.
The reporter set up an experiment in which she tried to live without direct deposit, credit/debit cards, bill pay and checks. During that month she only used cash, prepaid cards and money orders. As you might expect, it was costly in terms of fees.
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