What? Surely anyone with an address can open a bank account?

You'd think so, but unfortunately it's not the case.

Banks are very effective at excluding poor people through a combination of:

-Minimum initial deposit to open an account

-In the US, much higher minimum initial deposit if you don't have a social security number (this excludes non-wealthy immigrants)

-Monthly maintenance fees if your average daily balance for the month dips below x

-Overdraft fees if your balance ever dips below 0

-Additional fees from the payee if you ever bounce a check when paying a bill

These policies are practically invisible to wealthy customers, but pose insurmountable barriers to entry for the poor.

I was going to say 'what about online banks, they're free', but realized that that requires a computer, internet connection, and tech literacy. Things more likely to be lacking amongst the disadvantaged.

That too.

It's just how banks work. If you keep a lot of money in your account, the bank earns a return on investing your money. If you only keep a little in the bank, then they have to charge you fees to make money off you. If you can't even pay the fees at all, they just won't give you an account.

There are non-profit credit unions, but those usually require a certain type of employment, in which case you probably don't have these problems either.

I worked in a warehouse once with a guy who didn't have a bank account and had to go to check cashing places to cash his paycheck.

He used to have a bank account, but at some point he ran into overdraft fees, so he'd have to pay a couple hundred dollars to settle that out before he can access the banking system. He couldn't afford that.

The painful thing is the "lower interchange fees for debit cards" thing essentially killed free checking and savings accounts for most low-income people (other than at credit unions). Those people don't have $2500 balances, or direct deposit, or linked mortgages, so they end up paying $5-25/mo in fees.