And HN is at it again, downvotes for linking to the site? Or saying "can take up other endeavors" how did this not add to the conversation? This is a first hand article, very very relevant.
"having a checking account while poor doesn't just mean you have to be responsible and good at math -- you have to be perfect. Meticulous, flawless record keeping is the difference between surviving and having the bank seize your next paycheck."
Well, yeah. Don't write checks for money you don't have. Duh.
"A standard 14-day "payday" loan charges $15.50 per $100 borrowed. ... they offer to extend your loan to 180 days. It makes the payments miniscule. Oh, and you'll be paying back $1,275 at 403.10 percent APR."
The offer is there, and you can use or refuse it. If it wasn't there, you wouldn't have the option. Don't like it? pretend it wasn't there.
"having no credit will stop you from getting a loan or an apartment just as fast as having bad credit."
Some of us have learned that loans & renting are a bad idea. Other opportunities are available - yes, they are available - and will get you farther ahead faster.
"making sure to pay your * bills on time."
Well, yeah. Plan ahead, and don't sign up for what you can't afford.
"Your Next Expensive Disaster is Always Around the Corner"
Yup. Plan ahead. Yes, really, you can.
"You're Always in Survival Mode"
Yes, you are - even when you're sitting comfortably on a nice pile of money in a nice paid for home, there are plenty of things that can go utterly horribly wrong. Be ready.
Upshot: author complains bad things X Y & Z happen when he does A B & C. Well, yeah. Don't do A, B, or C, and no you don't have to do them.
What are those alternatives? Living in a tent under an underpass?
It's not quite that simple; there are many stories of banks reordering transactions for the sole purpose of generating bogus overdraft fees. That is, you have $50 in your account, deposit $100 at 1PM, and use your debit card for $25 at 2PM and $75 at 3PM. The bank would process them in reverse order, causing an overdraft for the $75 payment, another overdraft for the $25 payment (because the $75 payment took your balance down to zero), and only then apply the deposit (probably leaving you below zero after the fees). I never understood how that wasn't considered blatant fraud.
Of course, the simple solution is to use a credit card and pay it off every month. (And in a real emergency, it's better to pay interest on the card than get a payday loan).