I know I am. Often. Thinking about my budget and how to stick to it. Keeping a close eye on the balance in my checking account. And it’s tax season so of course I’m thinking about my taxes, which I still have to do, and wondering if I’ll have to pay in this year.
I recently realized how fortunate I’ve been to have a banking account most of my life, which makes all those things I think about when it comes to money that much easier. I’ll get to why I realized that in a moment, but first a stroll down memory lane …
I started working in high school and my parents helped me open up my first checking account. They taught me how to balance my checkbook, track to a budget and tuck money away in savings. I grew up one day and moved away from small town North Dakota to find that getting a new checking account wasn’t as easy as I thought. In the first several months after I moved, I didn’t have a bank account set up and I utilized check cashing services. It drove me crazy to carry around an entire paycheck of cash in my pocket and pay these incredibly high fees to have access to the money I worked so hard to earn!
That history ties back to why I realized how fortunate I am … First Manhattan Consulting Group estimates that more than 35 million American families are underserved by traditional financial institutions. In other words, more than 35 million families don’t have the advantages of a checking account, including depositing and cashing paychecks, checking their balances, paying bills, etc. 35 million families are in the same situation I was - without a banking account.
Because of this incredible need, Walmart is now offering its Walmart MoneyCard - a reloadable, pre-paid Visa debit card – at an activation fee of just $3. It works just like a debit card from a bank. For much less than what it would cost to cash a paycheck elsewhere, a family that does not have the option of a traditional banking account can have the advantages of a debit card. No overdraft fees because you can’t spend more than what is on the card. Accepted where VISA is accepted. And, easy to reload.
This kind of access to their money will help families budget, be able to pay bills online, and have the kind of financial freedom not had before. It will impact lives. Listen to some of the people who are realizing its benefits …