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Comment by PaulHoule | Hacker News Reader

Quite a few underclass people are unbanked. We had a person from a troubled background living at our house who got to 30 without having a bank account or a primary care physician. Early on we took her to the local credit union to get an account; people like that are always getting money sent by Western Union and paying terrible fees.

(Here in the US we have numerous kinds of organization that look like a bank superficially but have different regulatory regimes: a credit union does what a bank does but is a consumer cooperative. I'd also say that many local and regional banks have a much better customer service attitude than megabanks. I own stock in a local bank that is great for the community and beats Goldman Sachs on the performance of the stock... I can't see why anybody has an account at Bank of America.)

People who grow cannabis also are unbanked.

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> People who grow cannabis also are unbanked.

I know someone in the industry. They use a credit union that is structured to be in-state only.

> People who grow cannabis also are unbanked.

Everyone in the legal marijuana business is unbanked, because (at least in the USA) banks can't do business with people who traffic federally illicit substances.

P.S. today is 4/20, blaze it!

The business is unbanked but are the owners and employees really unbanked? How do payroll and taxes work in that industry?

>How do payroll and taxes work in that industry?

I don't have personal knowledge of the marijuana industry, but IRS's site says they accept cash and Money Orders.

There's a $1,000 per day limit for cash, so it's not really feasible for large businesses. Instead, I think you can make Money Orders by going to Western Union or USPS, if banks are to be avoided.

[0] https://www.irs.gov/newsroom/irs-payment-options

Money orders also have a maximum amount. At USPS, the maximum amount is $1000.

The amount varies based on risk tolerance and AML/KYC laws. I used to work in a bank.

> P.S. today is 4/20, blaze it!

yeah! killer mann, we got no bank account brah. lets blaze!

It's great that your co-habitant was able to open a bank account. Given fees, including credit union (low) minimums or activity rules, it's risky with an unsteady income stream.

To spend time worrying about this is time that will never be returned. And it continues for many as trust is asked for.

Yay stress. There was a lot of yelling outside today, my eye hurts.

"I'd also say that many local and regional banks have a much better customer service attitude than megabanks."

Better service, maybe. A lot of times they need to charge higher fees or give lower rates due to lacking economies of scale.

"Quite a few underclass people" and "people like that."

Do you work at a FAANG? I'm asking because I think that your attitude here just might spill over into your work. And if you build software for the masses while thinking of them/us as "people like that" it is likely to result in a frustrating experience for you and a poor experience for your user.

No I think I have some medical condition that makes me come across as insensitive.

> I can't see why anybody has an account at Bank of America

5.25% cash back over 90% of my expenses.

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