Wednesday, October 06, 2010
More on the Cost of Being Poor: Bank Fees
Joel points to Candace Choi's fine AP story itemizing how much it costs to be poor in the banking system. Answer--$93 a month in nickels and dimes and baby-needs-a-new-pair-of-shoes charges for the privilege of keeping hold of your own money. I'd buy about 80 percent of this, but with one important 20-percent limitation: being poor is a kind of job and there are no unskilled jobs. Had she stayed poor a while longer, Choi would have figured out some fiddles and chisels and sidesteps to reduce the $93 to--something less than $93, albeit still not to zero.