Engineer & entrepreneur. Even ← @FiftyThree ← @Microsoft ← @MIT.
It is expensive to be poor.
…es. Low balance fees. Late bill fees. Do the math, and you arrive at a startling realization: the average working class American loses 10–20% of their income to these products.
This “banks don’t help people who don’t have money” problem is an enormous one. In America, 77 million people spend $100 billion every year just to make ends meet. $100b for things that purely extract value. Things like payday loans. Overdraft fees. Low balance f…