7 On Your Side
Report: More families can't afford checking account
A new report out says more families these days can't afford even a basic checking account.
The report by the California Reinvestment Coalition says a basic bank account costs up to $144 per year and that does not include the extras like overdraft fees.
The report says using a debit card is more expensive for struggling families. Major banks now charge up to $12 per month, even for the most basic checking account. Customers can only avoid the fees if they keep a minimum balance or have direct deposit.
The report says struggling families can't afford the fees and wind up closing their bank accounts. The American Bankers Association says the fees make up for lost revenue caused by new regulations.
It says the average account costs just $3 per month.
banks, 7 on your side, michael finney
- I-5 bridge collapse raises Bay Area safety questions 58 min ago
- Damage reported after 5.7 quake in Greenville
- Limos without valid permits listed on airport website
- Shift in tactics may be helping Oakland police
- No charges in Starbucks orange juice case
- 3-D printer helps save dying baby with rare disease
- Lawmakers want to restore dental care to Medi-Cal
- Walnut Creek student dies after brain hemorrhage
- NASA Ames focusing on advanced manufacturing
- I-5 bridge collapse caused by truck hitting span
- Get Free Stuff: Challenge butter; Shoe laces
- abcnews: McDonald's CEO scolded by 9-year-old
- roundup: Bicyclist killed ID'd; Unsolved murder
- weather: Bay Area weather forecast for Saturday