That is the true part of what he said, just not about the audience he is referencing.
Overdraft fees and account minumums force A TON -- some studies say a majority of the population -- out of banks, unable to afford those added overhead costs.
Agreed.
The folks he is compaining on the behalf of, they're fine.
But a huge chunk of the U.S. population cannot keep up with bank costs, and that then raises their overhead on paying bills - utilities & rent, mainly - which creates a damning cycle.
Let's not diminish that b/c Mark is in bad faith.
The better word is "underbanked."
From my memories of conferences at the St. Louis Fed, even folks dependent on the Wal-Mart Financial Centers are considered "banked."
It's very important that we come up with a justification for why Crypto needs to exist, and we aren't going to let any amount of truth get in our way here.
I graduated college in 2017 with $150 in my bank account at the credit union in my hometown. I was able to open both Capital One checking and savings accounts with no minimum fees and I've been using them ever since - literally have never incurred a fee.
The average person pays $300 in overdraft or low balance fees for a standard checking account. They’ve been set up to screw people living from paycheck to paycheck for 20+ years.
This site says it's $6 billion dollars a year, which would be like $20 per American adult. Like, I'm not trying to take the sides of banks here, but the idea that maintenance of a checking account is expensive or onerous beyond the absolute poorest Americans just doesn't seem to track.
People not living paycheck to paycheck do not pay those fees. But if you’re poor and you get a flat tire, you’ll overdraft your account to get to work.
Crypto accounts don’t allow users to overdraft so young people use those instead of banks. Look at Chime Financial if you’re genuinely curious.
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Overdraft fees and account minumums force A TON -- some studies say a majority of the population -- out of banks, unable to afford those added overhead costs.
The folks he is compaining on the behalf of, they're fine.
But a huge chunk of the U.S. population cannot keep up with bank costs, and that then raises their overhead on paying bills - utilities & rent, mainly - which creates a damning cycle.
Let's not diminish that b/c Mark is in bad faith.
From my memories of conferences at the St. Louis Fed, even folks dependent on the Wal-Mart Financial Centers are considered "banked."
Crypto accounts don’t allow users to overdraft so young people use those instead of banks. Look at Chime Financial if you’re genuinely curious.