Hello! I teach financial literacy classes to a group of people living in a homeless shelter. Overwhelmingly, the do not have bank accounts and cannot get one due to bad credit history. I work with them on debt repayment and credit repair, but in the mean time they are cashing checks at Walmart, spending money on money orders, etc. What to do? And what to teach / advise these folks? Suggestions please!
I was in this situation about 6 years ago. I got a job at a well known local car dealer. I opened a free checking and savings account at their bank. I didn’t choose direct deposit and had no problem opening these accounts. There could be a difference between bad credit and writing bad checks in the past. You may want to ask some local bank managers. If they never wrote bad checks I think they would be ok to open a bank account. They will need proper ID. Again, check with local banks as to what they except. I had a Drivers License and got a SS card. My credit was bad as I was in default on two credit cards and did have a over draw credit account at my previous bank. That bank was bought out by a larger bank so maybe it fell through the cracks. Banks are looking to add customers so they can collect fees and make money. A new branch or bank may not look to far in someones past. Good luck and let us know what you find out.
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