''Bank Fees Are a Credit Union's Best Friend''
"Something is wrong when keeping cash in the kitchen cookie jar seems a reasonable substitute for your bank.''
More info''Fees Help Drive Working Poor From Banks''
"'Hidden or unexpected' fees are the No. 1 reason given by the working poor for closing bank accounts, a recent study found. The study by the Safe Banking Opportunities Project, a project of the Pew Health Group, surveyed 2,000 predominantly low-income, Hispanic households in the Los Angeles area in a two-phase study. Study participants were screened and recruited through a door-to-door, interviewer-administered survey."
More info''Gotcha’ Fees Force Customers to Quit Banks''
"Hidden bank fees are pushing the working poor out of mainstream banking and into riskier, more expensive alternatives to managing their personal finances. A new study released by the Pew Charitable Trusts provides a stark snapshot of how banks’ embrace of sneaky fees hurt the most vulnerable consumers."
More infoLos Cargos Ocultos O Inesperados Son Mencionados Como La Razón Principal Por La Cual Los Trabajadores Pobres Cierran Cuentas de Banco
Los "cargos ocultos o inesperados" fueron mencionados como la razón principal por la cual los trabajadores pobres del Gran Los Ángeles, aquellos que tienen empleo pero que incluso así permanecen en pobreza relativa, cerraron cuentas de banco el pasado año, por encima de razones como la pérdida del empleo o la falta de dinero, según una encuesta en hogares predominantemente hispanos y de bajos ingresos dada a conocer por el Safe Banking Opportunities Project (Proyecto Oportunidades para Banca Segura) del Pew Health Group.
More infoHidden or Unexpected Fees Cited as Top Reason Working Poor Close Bank Accounts
“Hidden or unexpected fees” were cited as the number one reason Greater Los Angeles’ working poor – those who are employed yet remain in relative poverty– closed bank accounts in the past year, surpassing job loss or lack of money, according to a survey of predominately Hispanic, low-income households released by the Pew Health Group’s Safe Banking Opportunities Project.
''To Bank Or Not To Bank''
"A new study from the Pew Health Group shows a growing number of low income and minority families are using alternative financial services instead of the traditional banking system."
More info''Many shun bank accounts but pay more for financial services''
"Unbanked and underbanked consumers are also less likely to save, says Eleni Constantine, director of the Pew Health Group's Financial Services Portfolio. In a survey of low-income Los Angeles households, Pew found that more than twice as many consumers who had bank accounts said they were earning enough to pay their bills and save for the future than those who didn't have bank accounts."
More infoPew Health Group Report Measures Financial Habits of Low-Income Families in Greater Los Angeles
Half of low-income families in Greater Los Angeles turn to costly and unregulated alternative financial services (AFS) rather than banks to meet their monetary needs, according to a new survey released today by the Pew Health Group’s Safe Banking Opportunities Project.
More info''Report Measures Financial Habits of Low-Income Families''
"Half of low-income families in Greater Los Angeles turn to costly and unregulated alternative financial services (AFS) rather than banks to meet their monetary needs, according to a new survey released today by the Pew Health Group’s Safe Banking Opportunities Project"
More info''Programs aim to aid 'unbanked'''
"Dozens of cities are launching programs to sign up low income people as customers at commercial banks so they can avoid the high fees typical of check cashing stores and payday lenders."
More info''City’s Poor Still Distrust Banks''
"In 1986, when the Lower East Side had just one bank in a 100-square-block area, the high numbers of residents without bank accounts alarmed the city but did not surprise anyone. In the years since, the number of bank branches has skyrocketed, with the big names compelled to open in underserved areas."
More info''The Business of Poverty''
On PBS' Bill Moyers Journal, Safe Banking Opportunities project director Matt Fellowes spoke about financial products and services utilized by lower-income consumers, the market opportunity in serving these households, and how it can be improved to benefit both these consumers as well as the businesses serving them.
More info''Banking on the previously unbanked''
"In the wake of the financial crisis, it's a challenge to figure out which banks to trust with your money. According to a new Gallup poll this week, our confidence in the banking system is pretty low to say the least. A record low 22 percent in fact."
More info''New program encourages low-income L.A. residents to open bank accounts''
"Nearly 300,000 Los Angeles households do not have a bank account, more than in any other U.S. city, Mayor Antonio Villaraigosa acknowledged at a news briefing Tuesday."
More info''Practical Benefits Drawing Bankers to Unbanked Effort''
"When San Francisco was establishing a program three years ago to move unbanked consumers into the financial mainstream, banks and credit unions signed on because "it was a good political opportunity to generate good will," said Matt Fellowes."
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