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Why do some people choose not to use banks?


Many people stay away from the banking system because of fear of the unknown or past problems with financial institutions. Immigrants, for instance, might fear the banking system because of its unfamiliarity, or the fact that banks in their homelands were agents of corrupt regimes. Low-income people might worry that they will “bounce” a check or debit and incur multiple overdraft fees, which can be $25 or more each.

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Why policymakers are concerned about people who do not have bank accounts?Why is it a good thing to have a checking account?