Why is having a bank or credit union account important?
Simply put: it saves you money!
- $8 billion is spent annually in fees to alternative services including payday loan fees
- The average charge for cashing a paycheck is $40, which can add up to more than $2,000 per year if done weekly
- Over the course of a 40-year full-time career, a person could spend $40,000 in check cashing services. Investing that money into savings bonds instead could net that person $200,000 at retirement.
- The unbanked pay up to 10% of their salaries for check cashing services
- Payday loans cost workers 50-400% interest
Benefits of opening an account with a participating Bank on Tampa Bay Institution:
- No or low minimum opening balances and monthly balance requirements
- No or low maintenance fees
- Direct deposit of paychecks, monthly benefit checks and income tax refund checks
- Free ATM/debit cards for quick access to your money
- Online banking
- Money management education
- “Second Chance” programs for those with a troubled banking past
- Money is safe from natural disasters and theft
- Your money is federal insured so you know it will always be there