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Experiment In Living Without A Bank

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.
Ken TuminKen Tumin5,472 posts since
Nov 29, 2009
Rep Points: 125,708