WEST SPRINGFIELD, Mass. (WWLP) - As online banking continues to become more convenient, a lot of people might go a while without stepping foot in the actual bank. But some families never have a reason to visit the bank at all.
Around 8% of American families are living cash-only; they do not have a checking or savings account, according to data from the FDIC.
More than half of those cash-only Americans say they simply cannot afford the costs that come with keeping their money in an account. In recent years, a range of fees have become the norm at many banks, ranging from overdraft fees to monthly maintenance and interest; even fees for those who don't use direct deposit.
Garret Erwin has a bank account, but he knows of people bypassing banks to avoid creating a paper trail.
"Bank fees can't be a problem. My checking account is free," Erwin said. "Someone who works under the table, there's a category, I do know someone who did that. He worked under the table and be didn't pay any taxes."
Erwin told 22News that he will always do his banking the traditional way, though. It's convenient, safe, and easier to keep track of funds, and also prevents him from spending freely.