Check cashing companies and money orders can cost you hundreds of dollars each
year. There's a way you can pocket that money and keep your cash in a safe,
secure place. You can get a bank or credit union account even if you've had
problems with such an account in the past or if you don't have a Social Security
number. And, best of all, the cost is low.
• An estimated 96,000 Memphians have no checking or savings account.
• Another 97,000 Memphis households are "underbanked"- they have bank accounts but
rely on check cashing companies, money orders, and payday lenders for financial
• A person making $22,000 could spend more than $1,000 per year on cashing checks
and purchasing money orders.
• A fulltime worker without a checking account could potentially save as much as
$40,000 during his career by relying on a lower-cost checking account instead of
• Without a bank account, there are few opportunities to save money or buy a home.
• Financial education matters to the Memphis community!