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>>

  • School APProval: giving parents tools to keep up with kids social media use

    School APProval: giving parents tools to keep up with kids social media use

    Thursday, October 19 2017 11:28 PM EDT2017-10-20 03:28:51 GMT
    School APProval: giving parents tools to keep up with kids social media useSchool APProval: giving parents tools to keep up with kids social media use

    COEUR D'ALENE, Idaho - After a series of threats at Lake City High School in Coeur d'Alene, the school district is giving parents the tools necessary to keep up with their kids social media use.  With many instructional YouTube videos on popular apps, Smart Social is used by school districts across the country. Aside from the YouTube videos, the site ranks apps on a color scale: green is good, grey is in the middle, an red means kids should not have it.

    >>

    COEUR D'ALENE, Idaho - After a series of threats at Lake City High School in Coeur d'Alene, the school district is giving parents the tools necessary to keep up with their kids social media use.  With many instructional YouTube videos on popular apps, Smart Social is used by school districts across the country. Aside from the YouTube videos, the site ranks apps on a color scale: green is good, grey is in the middle, an red means kids should not have it.

    >>
  • Spokane is becoming a boomtown

    Spokane is becoming a boomtown

    Thursday, October 19 2017 9:55 PM EDT2017-10-20 01:55:13 GMT
    The low winter snow pack may have some positive consequences for some outdoor enthusiasts.The low winter snow pack may have some positive consequences for some outdoor enthusiasts.

    Spokane, Wash. The cost of doing business in Spokane is 18 percent below the national average, and over the past 20 years, more than 45 Seattle based companies have relocated to Spokane. Spokane is on the up with more amenities coming every day, and since 2010 Spokane's population has increased 3.1 percent from 209 thousand people to 215 thousand people. City council candidate Matthew Howes said during the pints and politics forum that 

    >>

    Spokane, Wash. The cost of doing business in Spokane is 18 percent below the national average, and over the past 20 years, more than 45 Seattle based companies have relocated to Spokane. Spokane is on the up with more amenities coming every day, and since 2010 Spokane's population has increased 3.1 percent from 209 thousand people to 215 thousand people. City council candidate Matthew Howes said during the pints and politics forum that 

    >>
  • Controversy over mannequin's outfit

    Controversy over mannequin's outfit

    Thursday, October 19 2017 9:45 PM EDT2017-10-20 01:45:18 GMT

    Spokane, Wash. Meet Pearl she sits outside of devil's brew coffee on north division, and her scandalous outfit has this passerby, passing up the business as being too offensive "In my opinion, I find it inappropriate." Said Sean Arquette. The reason? Sean is the father of a little girl and he and doesn't think pearl should be flaunting plastic like that.  

    >>

    Spokane, Wash. Meet Pearl she sits outside of devil's brew coffee on north division, and her scandalous outfit has this passerby, passing up the business as being too offensive "In my opinion, I find it inappropriate." Said Sean Arquette. The reason? Sean is the father of a little girl and he and doesn't think pearl should be flaunting plastic like that.  

    >>