The Economy

I wonder how many people (white, black, anything) aren't taking advantage of a direct deposit option that may be available to them.

QoD (Update): 93% of employees receive paycheck via... - Blog.

Many Small Businesses Still Use Paper Checks for Pay

 

I wonder how well and widely these are advertised in poor neighborhoods. Be great for folks to have real bank accounts with real banking privileges.

Good question.

I suspect part of the problem in both these cases is people being paid cash off the books. It's hard to do cash banking with an internet-only banker.

 

Ouch. You're right. And my wife's first job here was a caregiver for a cancer patient. Got a paper check each week with nothing deducted.

 

Well, part of the purpose of the bank account is to be able to write checks to pay bills. Not just cash them. To start building a credit history.

Again, one of the problems of the poor is relatively fewer brick-and-mortar banks in poor neighborhoods to provide these services.

And internet-only apps aren't as useful to a dishwasher or a barback or day laborer who's getting paid out at the end of the day in actual cash.

 

If we ever do get the end-of-days economic apocalypse that collapses society for good, my dying wish is a webcam feed of the armed marauders going up Ragu’s block while he quotes an econ textbook to them in increasingly nervous tones from the window with a bullhorn.

 

For people who are poor, transportation can also be a problem. If you are dependent on riding the bus to and from work, getting to a bank when it is open can be a serious issue.

 

You start by paying your bills on time - through a checking account.