Opinion: A public option for banking

Trying to get basic banking services to cash Social Security and disability checks was a persistent source of anxiety for Patricia Geary, A 65-year-old Philadelphia resident. She receives her payments in paper form, but since she didn’t have a checking account, she had trouble figuring out how to convert them into usable form.
“It was so stressful,” she told me. “It put me in such a fragile and depressive state that I had to seek out professional help at times.”
Commercial banks have too many hidden fees and minimum balances that are too high to help her. The check-cashing places she relied on require large fees for her to get cash and even more fees to convert some of that cash into money orders to pay bills. Keeping her money entirely in cash made it hard to budget well and left her vulnerable to theft.

Read more
(Photo: Stephen Lam/Getty Images)

Opinion: A public option for banking

Trying to get basic banking services to cash Social Security and disability checks was a persistent source of anxiety for Patricia Geary, A 65-year-old Philadelphia resident. She receives her payments in paper form, but since she didn’t have a checking account, she had trouble figuring out how to convert them into usable form.

“It was so stressful,” she told me. “It put me in such a fragile and depressive state that I had to seek out professional help at times.”

Commercial banks have too many hidden fees and minimum balances that are too high to help her. The check-cashing places she relied on require large fees for her to get cash and even more fees to convert some of that cash into money orders to pay bills. Keeping her money entirely in cash made it hard to budget well and left her vulnerable to theft.

Read more

(Photo: Stephen Lam/Getty Images)

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    Would seriously think about doing this, because Bank of America sends me into a rage at times.
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