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
- Four people in the South Bay die due to cold weather
- Cal students led move toward divestment
- Craigslist ad asks to rent family for Christmas
- Local schools race to keep up with technology
- North Korea deports elderly Palo Alto man 6 min ago
- Man suspected of throwing 2 cats into bay arrested
- Make-A-Wish, Macy's team up to help Daly City girl
- New option studied for treating back pain
- SF man calls 7 On Your Side to help in luggage mixup
- Photos: Record low temperatures freeze the Bay Area
- GET FREE STUFF: Dog bow tie; makeup
- abcnews: Fierce winds force pilots to abort landing...
- roundup: Teen struck in crosswalk; EPA shooting
- weather: Bay Area weather forecast for Saturday