John Hosford

Ensure Banking for Indigents

Petition Posted at   17 Nov, 2016 12:00 AM   by Community
  • Unemployment
  • Poverty

It's difficult for homeless people without an address to open a bank account and save the funds they need to move back into mainstream society.

People who have no residential or business address can have a very difficult time getting a new bank account because so many regulations are put into place to prevent criminals from exploiting banks for criminal activity and money laundering. Most banks will not open an account based on a post office box or a homeless shelter address. Contrary to what most people assume, many homeless people actually receive money on a regular basis in the form of alimony payments, unemloyment benefits, settlements, social security or other government benefits and even automatic deposits from employers, in addition to cash from jobs, freelancing and activities like collecting recyclables. Plus, homeless people have an even greater need for secure banking than people who have a home in which they can secure funds without fear of loss or theft.

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