For many, alternative financial services carry a steep cost (spo - Spokane, North Idaho News & Weather KHQ.com

SPONSORED CONTENT

For many, alternative financial services carry a steep cost (sponsored)

Updated:
  • Also on KHQ.comMore>>

  • Local Biz Buzz

    Local Biz Buzz

    Promoting local business in Eastern Washington and North Idaho. Catch the buzz!
    >>
    Promoting local business in Eastern Washington and North Idaho. Catch the buzz!
    >>

Most people’s financial lives revolve around a credit union or a bank. They buy groceries using debit cards linked to their checking accounts and save money in savings accounts.

For some people, however, there’s no solid center. They access financial services by piecemeal. They pay for groceries with cash, trading paychecks for bills at supermarket counters. They pay rent with money orders purchased at drugstores.

Many believe they don’t have enough cash to open an account, or they’ve had a bad experience with fees, according to a 2015 survey conducted by the FDIC.

Others don’t trust mainstream financial institutions to protect their money or privacy. Or they live on cash only, paycheck to paycheck, simply because that’s what their parents did.

In the short term, alternative banking can make sense for some people.

But advocates for low-income people ? or for those who live on the financial edge, even if they’re not low-income ? say “unbanked” people’s finances suffer for it. They pay unnecessary fees, agree to predatory loans out of desperation, and miss out on the benefits of long-term relationships with credit unions or banks.

Go to stcumoney.org to read more.

HD DOPPLER 6i
/
  • Top Stories from KHQHomeMore>>

  • Ex-superintendent in Kennewick to plead guilty to child sex case

    Ex-superintendent in Kennewick to plead guilty to child sex case

    Friday, June 22 2018 9:19 AM EDT2018-06-22 13:19:15 GMT

    A former Kennewick school superintendent accused of arranging to have sex with two teen girls at a Richland motel is expected to plead guilty next week.    The lawyer for 76-year-old Paul Rosier tells the Tri-City Herald that a plea agreement has been reached with federal prosecutors. Defense lawyer Scott Johnson says Rosier will plead guilty to a new count of attempt child sex trafficking, which carries a minimum sentence of 10 years in prison. 

    >>

    A former Kennewick school superintendent accused of arranging to have sex with two teen girls at a Richland motel is expected to plead guilty next week.    The lawyer for 76-year-old Paul Rosier tells the Tri-City Herald that a plea agreement has been reached with federal prosecutors. Defense lawyer Scott Johnson says Rosier will plead guilty to a new count of attempt child sex trafficking, which carries a minimum sentence of 10 years in prison. 

    >>
  • Delta bans pit bulls as service dogs due to safety concerns

    Delta bans pit bulls as service dogs due to safety concerns

    Friday, June 22 2018 8:55 AM EDT2018-06-22 12:55:46 GMT

    ATLANTA - Delta Air Lines says it's no longer allowing passengers to fly with "pit bull type" dogs as service or support animals.    The Atlanta-based airline describes its ban announced this week as an "enhancement" to its policy on animals in passenger areas. Delta also says it's limiting travelers to a single emotional support animal per flight. The changes take effect July 10. 

    >>

    ATLANTA - Delta Air Lines says it's no longer allowing passengers to fly with "pit bull type" dogs as service or support animals.    The Atlanta-based airline describes its ban announced this week as an "enhancement" to its policy on animals in passenger areas. Delta also says it's limiting travelers to a single emotional support animal per flight. The changes take effect July 10. 

    >>
  • Vantage Highway reopens, Milepost 22 Fire continues to burn to the north

    Vantage Highway reopens, Milepost 22 Fire continues to burn to the north

    Friday, June 22 2018 2:35 AM EDT2018-06-22 06:35:31 GMT
    Kittitas County Sheriff's OfficeKittitas County Sheriff's Office

    YAKIMA, Wash. (AP) - Evacuation notices have gone out to residents in about 30 homes because of a wildfire burning in central Washington. The state Department of Natural Resources said Thursday that the blaze about two miles north of Vantage near the Columbia River had burned nearly 8 square miles (21 square kilometers). The Yakima Herald reports that the fire dubbed milepost 22 started Wednesday afternoon and was 30 percent contained on Thursday afternoon. A ...

    >>

    YAKIMA, Wash. (AP) - Evacuation notices have gone out to residents in about 30 homes because of a wildfire burning in central Washington. The state Department of Natural Resources said Thursday that the blaze about two miles north of Vantage near the Columbia River had burned nearly 8 square miles (21 square kilometers). The Yakima Herald reports that the fire dubbed milepost 22 started Wednesday afternoon and was 30 percent contained on Thursday afternoon. A ...

    >>