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Importance of Having Bank Accounts

Posted On: 2006-04-29Length:

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You're listening to the Debt Podcast, your best source of news and information on personal finance, debt, credit and more. Visit us online at www.debtpodcast.com to check out the show notes, subscribe to our feed, or to sign up for e-mail notifications for new shows. Whether you're in debt, out of debt, or somewhere in between, the Debt Podcast will help you take control of your wallet. Get your questions answered on the show by bankruptcy and consumer law attorney, Jay Fleischman, by sending e-mail to debtpodcast@gmail.com, or just pick up the phone and call our listener line at 206-202-5231. Tell us what you think. We'd love to hear from our listeners, because without you, we're just talking to the computer. The Debt Podcast is a production of the Debt Relief Law Center of New York. Intro music by Dr. Frankenstein. Theme from the Mad Thinker.

Hey everybody, and welcome back to your Debt Podcast. My name is Jay Fleischman, and I want to thank you all for staying subscribed to this show. If you are not a subscriber, in other words you go on over to the website to check out new shows every day or every other day, I encourage you to enter in your email address into the subscription box over on the side of the page, and hit that submit button. You'll get a confirmation email, and from that moment forward you will get an update every single time there's a new show posted onto the feed. So you don't waste your time, you don't have to go on over to the website only to find that there has been no new show and you get all bummed out and what not.

Anyway, we've got a big show for you today. I think that it's a really interesting show. I've got some Q&A to go through, and I just wanted to start off before that Q&A by talking about something I've noticed in my own practice. Over the course of ten plus years that I've been a bankruptcy attorney, I have noticed a tremendous number of people come into my office, and not having any banking relationships. No checking accounts, no savings accounts. And when they get their paycheck, they take it down to a check cashing place. They pay whatever amount the money it is to the check cashing place in order to get the money. They've got the cash in their pocket, they walk around with the cash, and of course they spend it. Fast. Gone. Quick. And I always wondered just how common this is. Is this something that only my clients do? Is this something that incredibly widespread? By me having a checking account of my own, am I actually in the minority? Didn't seem like that was the case, but it concerned me a little bit. So I did a little digging in some downtime and I came across an article from Intellicard News. Intellicard is a resource for prepaid cards of some sort. But they did a study talking about unbanked Americans, Americans who have infrequent or non-existent relationships with financial institutions. And they came up with a staggering number that the unbanked group...

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