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>>

  • Health advisory issued for Spicer Pond

    Health advisory issued for Spicer Pond

    Friday, August 18 2017 7:01 PM EDT2017-08-18 23:01:47 GMT

    ST. MARIES, Idaho - Panhandle Health District and the Idaho Department of Environmental Quality have issued a health advisory for Spicer Pond in Benewah County.  Water quality monitoring confirmed the presence of blue-green algae, which has the potential to produce dangerous toxins.  Pets, children, the elderly, and people with compromised immune systems are most at risk of harmful exposure to the cyanobacteria.  Spicer Pond is a 

    >>

    ST. MARIES, Idaho - Panhandle Health District and the Idaho Department of Environmental Quality have issued a health advisory for Spicer Pond in Benewah County.  Water quality monitoring confirmed the presence of blue-green algae, which has the potential to produce dangerous toxins.  Pets, children, the elderly, and people with compromised immune systems are most at risk of harmful exposure to the cyanobacteria.  Spicer Pond is a 

    >>
  • Former Valhalla Bar & Grill employee arrested for suspicion of burglarizing restaurant

    Former Valhalla Bar & Grill employee arrested for suspicion of burglarizing restaurant

    Friday, August 18 2017 6:29 PM EDT2017-08-18 22:29:02 GMT
    Courtesy Valhalla Bar & Grill's Facebook pageCourtesy Valhalla Bar & Grill's Facebook page

    PULLMAN, Wash. - Pullman Police say 22-year-old Stuart H Schmidtke was arrested Friday on suspicion of burglarizing Valhalla Bar and Grill in Pullman over two weeks ago.  Officers were called to the restaurant July 30th after receiving a call that someone had broken the glass door of the business and stole money and a cash box.  Employees at Mr. Z's Casino later reported a man gambling with money bundled 'in a unique way,' identical to the money stolen from Valhalla. 

    >>

    PULLMAN, Wash. - Pullman Police say 22-year-old Stuart H Schmidtke was arrested Friday on suspicion of burglarizing Valhalla Bar and Grill in Pullman over two weeks ago.  Officers were called to the restaurant July 30th after receiving a call that someone had broken the glass door of the business and stole money and a cash box.  Employees at Mr. Z's Casino later reported a man gambling with money bundled 'in a unique way,' identical to the money stolen from Valhalla. 

    >>
  • Evacuations ordered for growing fire in Stevens County near Colville

    Evacuations ordered for growing fire in Stevens County near Colville

    Friday, August 18 2017 6:24 PM EDT2017-08-18 22:24:44 GMT
    Evacuations ordered for growing fire in Stevens County near ColvilleEvacuations ordered for growing fire in Stevens County near Colville

    STEVENS COUNTY, Wash. - Evacuations are being ordered for a fast moving wildfire 4 mile west of Colville in the Gold Creek Loop area.  According to Stevens County Sheriff's Office, the fire is currently 20 acres in size.  If you are in an evacuation area, you will be notified via the 911 mass notification system called HyperReach.  Fire Districts 3, 6, 5 and Department of Natural Resources are attacking the fire with manpower, dozers and 

    >>

    STEVENS COUNTY, Wash. - Evacuations are being ordered for a fast moving wildfire 4 mile west of Colville in the Gold Creek Loop area.  According to Stevens County Sheriff's Office, the fire is currently 20 acres in size.  If you are in an evacuation area, you will be notified via the 911 mass notification system called HyperReach.  Fire Districts 3, 6, 5 and Department of Natural Resources are attacking the fire with manpower, dozers and 

    >>