What Is Payday Loan Online No Credit Check Instant Approval?
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The Price of Not Being Banked Costing Hundreds of Dollars Every Year, Always One Step Behind Advertiser disclosure You're our first priority. Every time. We believe that every person should be able make financial decisions with confidence. And while our site doesn't feature every company or financial product available on the market however, we're confident that the guidance we offer, the information we provide and the tools we develop are independent, objective easy to use and completely free. How do we earn money? Our partners compensate us. This could influence which products we review and write about (and where those products appear on the site), but it doesn't affect our advice or suggestions that are based on thousands of hours of research. Our partners are not able to be paid to ensure positive review of their services or products. . The cost of not having a bank account Costing Hundreds of Dollars Every Year, Always One Step Behind By Tony Armstrong Lead Assigning Editor | Banking Tony Armstrong leads the banking team at NerdWallet. He has covered personal finances for over 10 years. Tony started his career at NerdWallet as a journalist and worked his way up to assistant assigning editor and eventually to the position of lead assigning editor. His writing has been highlighted by The Los Angeles Times, MarketWatch, Mashable, Nasdaq.com, USA Today and VentureBeat. Tony has a home in Minneapolis, Minnesota. Sep 13, 2016 Many or all of the items featured on this page come from our partners who pay us. This impacts the types of products we review and where and how the product is displayed on a page. But, it doesn't affect our assessments. Our opinions are entirely our own. Here's a list of and . Banks can bring about a fair amount of headaches, but not having access to one is even more detrimental to your financial health. In the absence of an institution that provides basic services like free check cashing and loans with reasonable interest rates, unbanked consumers rely on expensive alternative financial-service providers to cash their checks and cash payments on money-orders. These fees can cost families hundreds of dollars each year. On top of the high day-to-day costs, not belonging to any credit union or bank is a risk for the long term. The unbanked household, which the FDIC defines as those that don't have an account at an institution that is insured, aren't able to save money to create emergency funds. They are also unable to turn to time-saving tools for transactions such as paying bills and transferring money. "The bank system that is traditional is out of reach for many millions of Americans," says Sean McQuay NerdWallet's banking and credit expert. "While it might appear impossible, using a bank account can become the initial step to ending this cycle that sees us living paycheck to paycheck, and thus pave the way for financial freedom." More than of households that do not have a bank account are told the reason is that they do not have enough money. The average income after tax for these households is $18,203 according to NerdWallet's analysis of data obtained from Federal Deposit Insurance Corp. The high costs associated with alternatives to traditional financial services only makes the situation even more expensive. There are also cheaper options, and taking advantage of these can help reduce unnecessary expenses. Key conclusions The cost per year of not having an account at a bank is $196.50 for people who use the prepaid debit card which includes direct deposit. This figure increases to $497.33 in the event that the card does not provide direct deposit. People who deal only in cash face average annual costs of $198.83 for check cashing and money order services. With approximately 9 million households that are not banked across the United States, down from 9.5 million in 2013, the aggregate annual cost for these families is between $1.8 billion and $4.5 billion. Not having an account at a bank force people to look for other financial services. People who do not have a bank account are 6-fold more likely to use costly . Transacting "off grid" is costly "In many respects, you can equate the needs of unbanked households to those of households that are banked," says John Thompson the senior vice president of the Center for Financial Services Innovation which is a non-profit financial services consulting firm. Certain transactions require, but for unbanked consumers, they don't happen through the bank, Thompson says. That's why they can be expensive. Cashing checks, for example. If you do it by a bank or credit union, the procedure is as easy as it is inexpensive. However, this convenience disappears if you don't belong to a traditional financial institution, and alternatives can be hair-raisingly expensive. Check-cashing businesses typically charge between 1% and 10% of a check's value which means that unbanked consumers who don't use a prepaid card that offers direct deposit pay on average $182.03 annually just to access their cash as per NerdWallet's study of FDIC information and using that a fee of 1% of the value of the check. Customers who don't have banking accounts are six times more likely utilize check-cashing services than those who do. "Relying on services such as money orders and cash advances can be costly, and it's those Americans who can least afford these fees and inconveniences that aren't able to access banking," McQuay says. Instead the checking account for checking, some individuals make use of pre-paid debit cards. They are offered at supermarket stores and other retailers like Target, Walgreens and Wal-Mart. This type of card is fairly uncomplicated: Users are able to spend only the amount of money they have loaded onto the card. Costs for checking account , which have less overdraft fees and have no monthly fees, charge customers about $30 annually. A typical checking account cost customers about $150 per year, when factoring in monthly maintenance costs as well as two overdraft fees. " relying on services such check cashing and money orders is expensive, and it's those Americans who can least afford these costs and hassles who have to be without banking. " Sean McQuay , NerdWallet expert in banking and credit However, prepaid cards tend to be more costly than regular checking accounts. They cost users an average of $179.70 or $298.50 annually, based on the card's a free direct-deposit service. If not, customers face steep cash-loading fees. Additionally, prepaid cards usually include monthly fees or per-transaction costs, along with ATM withdrawal fees. Anyone who does not have a checking account nor a prepaid card faces average annual charges of $198.83 for cashing checks or money transfer services. On top of their costs, prepaid cards have other issues. It isn't possible to use them to establish credit, and the law in the US does not require that prepaid cards provide protection against fraud, like they do for regular debit cards. But, the networks such as American Express, Discover, MasterCard and Visa generally offer a certain amount of purchase protection however, this doesn't include ATM and certain online transactions. Additionally, the majority of checking accounts are guaranteed by the federal government. This means that the account holders will not lose any money, up to $250,000, if the institution went bankrupt. The people who use credit cards with a prepaid option get this kind of protection in the event that the card is made by a banking institution however, even then they might not receive the entirety of their funds back. If they bought their card from an issuer not insured by the FDIC and this is not common, the rules of the issuer determine the amount of protection offered and whether the card will be paid back. Indirect costs impose their burden as well. The negatives that come with not owning a banking account extend far beyond the costly costs of financial alternatives. One of the biggest disadvantages is that not being a member to a bank can take up time. Consumers who aren't banked and don't have prepaid cards don't have access to the many advantages of mobile and online banking such as automatic bill pay and money transfer services that are free. Prepaid cards can offer these features but they're not available for free, as are those provided by banks and credit unions. "If you're not a member of an institution that offers financial services it isn't possible to bank on what you do," Thompson says, adding that this may cause people to take time off work, which can affect their earnings. If employees have to travel for the sake of their financial needs and travel, they will incur costs for transportation also, he says. Not being able to use the standard banking services can hurt individuals in different ways, as well. Banks provide access to tools to help them maintain or improve their financial health, including certificates of deposit, secure credit cards. These can, for example assist in creating an emergency fund and build credit, which decreases the need for costly payday loans. The median sum borrowed by payday lending companies is just 350 dollars, according to study by the National Association of Credit Unions. This is a figure that those who belong to a bank or credit union could build with a savings account or secure credit card to pay for. This would enable them to avoid the risk of taking out loans that carry median interest rates of around . With the help of savings accounts and secured cards, it's more easy to keep healthy credit. The cost of borrowing is lower; the most well-known secured credit cards typically have rates of around 20%. "We have systems that allow us to create information on people's credit behavior," says Gregory B. Fairchild, associate professor of management of the University of Virginia Darden School of Business. "Absent those facts, the most significant risk for individuals will be that they're constantly a risk." "Everyone's a chance," he says, however, the risk for those who have no credit history "is extremely uncertain." The risk of a lapse in judgement can cause a trickle-down effect into different areas of life which could affect their ability to borrow money , get credit cards and even start an business. If they don't have a credit record, small business owners have a harder time getting lines of credit, says Tara Robinson, chief development officer at Mission Asset Fund, a non-profit organization that provides loans as well as other products for previously unserved families. The absence of a credit history could restrict the potential of earning, she says. "You kind of get stuck before you can even begin," Robinson says. Better options for unbanked consumers For those who don't own an account at a bank account, it could appear like expensive financial services are your only options. But this isn't the scenario. Here are a few ideas to consider. Make use of second-chance checks: If you have had bounced checks or closed your account prior to paying a bank fee, you may be listed in , a consumer reporting agency. A negative file is often all it takes to get the bank to reject your request for a new account. However, some banks have second-chance accounts for checking. They eliminate the requirement to make use of check-cashing service and money orders, both of which are priced at about $17 per year. They are accessible to anyone who is listed on ChexSystems. They can be used to help establish a clean banking history. If you've accomplished that, consider opening an account for savings to help you create and better manage your emergency funds. To open either account, you'll have to show proof of identification and you may be required to deposit an initial amount of anywhere from $10 to $100. >> MORE: Secure your credit card: With secured credit cards, you put down a deposit, typically at least $200 or $300 and then use to borrow. After you've used a secured credit card responsibly for about 1 year, you could be given an upgrade to a normal credit card. Perhaps more importantly, you will have improved your credit score in the process, making you more attractive to lenders. This assumes that you pay your monthly bills on time and in full. >> MORE: Join a lending circle or collaborate with a small-scale community lender The process of borrowing money and then repaying on time can improve your credit rating, and taking out conventional loans from banks or credit unions isn't the only option. Mission Asset Fund, Robinson's employer, oversees and manages lending circles, which provide the unique zero-interest loan. "Each loan is typically around $1,000," Robinson says. "You are a group of 10 people who come together, and they put in $100 every month, with only one receiving the loan every month. The loan is distributed until everyone gets their loan." Like most organizations that oversee lending circles, Mission Asset reports repayment behavior to credit bureaus on a regular basis. For those with poor credit, who pay their bills punctually can raise their scores to about 650 within six months, Robinson says. "It's an excellent opportunity for people without credit scores to get credit quickly and for those with damaged credit scores to help begin to rebuild them using the benefit of a credit line," she adds. Look for a local community lender or nonprofit within your town that offers the types of loans or similar financial services. >> MORE: The financial mainstream is about to enter From checking out checks to opening saving accounts to deposit checks, reasons people turn to banks may not sound particularly exciting. However, in the end, banks serve as important elements in families their financial lives. If you're not able to access to a bank to manage your money, taking care of daily financial chores can be harder and most likely to be more expensive. This is what makes second-chance check accounts and secured credit cards lending circles , and community lenders extremely valuable. They allow families access to traditional financial services that they could otherwise miss out on, thus opening the way to a more secure financial future. NerdWallet analysts of data Sreekar Jasthi and writer Spencer Tierney contributed to this study. METHODOLOGY To determine the median income of unbanked households we utilized information from the 2015 FDIC national survey of Underbanked and Unbanked Households, which discovered that 7 percent of households had no bank accounts. To figure out the costs of cashing checks for unbanked households using prepaid debit cards without direct deposit or for those using only cash, we assumed two paychecks that were cashed each month, as well as a 1% cost on the check's value. We also considered one money order being that is sent each month with an average charge of $1.40. For banking costs associated with using a NerdWallet-recommended checking account, we assumed two overdrafts per year costing $15 each and no other fees. In the case of a typical checking account, we assumed two overdrafts each year, at a cost of $30 per one as well as maintenance fees that are $7.50 per month. To calculate average check cashing and money order fees We used FDIC's information regarding what frequency alternative financing services use by households of different types (banked or non-banked) and then used the lower frequency of use among banked households to the average costs. For the calculation of the annual average cost of debit cards that are prepaid, we examined 69 cards, based on the top issuers, the highest search volume Pew Charitable Trust's website, and the card offerings listed on and 's websites. For cards that offer multiple plan options We considered each plan as an individual card. The study includes the annual costs of a prepaid debit card with and without direct deposit to pay payroll. The median monthly fee was $4.98 and the median out-of-network ATM fee was $2.50. We used the maximum cash load fee of $4.95. For the direct deposit option we assumed 12 monthly fees as well as two non-network ATM fees per month. For the non-direct deposit option we took twelve monthly fees, four ATM charges per month plus two cash-load fees each month. Signature-based and PIN-based purchase transaction fees are typically not applicable to cards that have monthly fees, so they were excluded. Author bio Tony Armstrong is a banking editor at NerdWallet. His work has been published on The Los Angeles Times, Mashable and USA Today. Similar to... Find a better savings account Find out what NerdWallet's top picks are for the top high-yield online savings accounts. Dive even deeper in Banking Learn more about smart money strategies - straight to your inbox Sign up now and we'll email you Nerdy posts on the money topics that are important to you and other ways to help you make more value from your money. 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