Not Having a Bank Account Can Cost You

by Editors at Fair
March 21, 2022
Not Having a Bank Account Can Cost You

Imagine that someone from a typically-unbanked community opened a bank account and set up direct deposit. It’s a safe way to ensure your money is secure and you have access to your hard-earned money 24/7. The idea is not a foreign concept, yet millions of unbanked Americans believe going to check-cashing booths (and paying a fee for it) is a safer alternative than opening a bank account. Now, imagine taking the same check-cashing fees and placing that money in a type of savings account that offers a 4% return on your investment. Sound too good to be true?

Fair has come forward with a revolutionary and very reasonable concept: have your savings earn REAL money over time. Sound familiar? That's what traditional banks will tell you. Yet, when the returns received are no more than 0.2% to 0.6% APY, it is, at best, unimpressive.

However, Fair follows a different path: in a recent article, CEO & Founder Of Fair Khalid Parekh stated, “Our aim is to meet Fair members wherever they are in their financial journey and provide access to the opportunities they need—whether that’s buying a home with a no-interest loan, sending money to family overseas without fees, saving for retirement, starting a business, investing their money in ethical ways or just daily, transparent banking.

Specifically, Fair's Wealth Building Accounts (WBAs) offer a unique value proposition other savings options do not: full liquidity with no penalty for withdrawal; no management fee, and much higher dividends than the average 0.5% interest paid by typical U.S. bank savings accounts. How much higher? Fair's WBAs can earn members 4% in dividend returns¹ᵈ!

So, take a moment to contemplate -- why should your station in life dictate where you end up on your financial journey? No matter where a person stands, people owe it to themselves to carve out a path that leads to financial freedom. More importantly, people should find ways to build generational wealth.

With so many neobanks in our midst, it's important to find differentiators that offer ethical investments, full access to funds at any time (without minimums), secure accounts, and meaningful returns.

Neobanks like Fair provide stability to withstand economic shifts, allowing community members to save what they’ve earned. It’s one constant that can offer peace of mind in an ever-evolving world. And, with a newly-established bank account, anyone can set up direct deposit, ensuring your money arrives earlier than scheduled. Which means no more check-cashing fees. This alone can help folks begin their journey toward wealth-building.

Open a Fair Account and start building your savings today!