Why it costs so much to be poor in America
“It has never been easy to be poor in America, but decisions made in company boardrooms about seemingly modest financial matters — about fees, fines, interest rates, minimum balances — make life far harder than it has to be for low-income families. This week, Bank of America announced its free, no-minimum-balance checking account, popular with many low-income customers, will require a $1,500 minimum daily balance or $250 in direct monthly deposit (totaling $3,000 per year). If customers fall below that threshold, they will be forced to pay a monthly fee.”