Americans are hoarding money in their checking accounts…

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17 May

Donna Taylor Blog 0 0

In a recent article by Quentin Fottrell of Market Watch found that many Americans are warehousing their money in checking accounts. Economists consider this as a sign that consumers are less confident about the economy. Consumer prices are rising while wages are stagnant and this paradigm makes it more difficult to save or to feel comfortable about saving. To make matters worse, in January, Bank of America announced it would eliminate free checking for customers with low balances. The banked population moves to the unbanked population when they are in economically fragile households that live from paycheck to paycheck without a buffer to sustain them.

https://www.marketwatch.com/story/markets-are-behaving-strangely-and-this-new-data-suggest-bank-customers-are-too-2018-04-25?mod=ampfoot_mostpop

About the Author

Written by Donna Taylor

Rev. Dr. Donna Taylor is the Pastor of Andrew Chapel, United Methodist Church on the Northern Neck in Montross, VA. Rev. Dr. Taylor promotes best practices for financial literacy and financial empowerment in the church and leads workshops throughout Northern Virginia. Currently, she serves as the Chair of the District Finance Committee. In May 2015, Rev. Dr. Taylor received her Doctor of Ministry from Virginia University of Lynchburg in Lynchburg, VA. Rev. Dr. Donna Taylor is married to Dr. David Taylor, who is also the Director of our church-based free clinic. They have two adult children and three grandchildren. In her leisure time, Rev. Dr. Taylor enjoys traveling, jogging, weightlifting, swimming, yoga, and interior decorating. In May 2015, Rev. Dr. Taylor received her Doctor of Ministry from Virginia University of Lynchburg in Lynchburg, Virginia. Rev. Dr. Taylor was born and raised in New York City and recently discovered her ancestral roots in Guinea-Bissau, West Africa. Rev. Dr. Donna Taylor is married to David Taylor and they have a son and a daughter. Their daughter is a educator and son is an Active-Duty Senior Seaman in the Navy married with three children. In her leisure time, she enjoys traveling, reading, swimming, writing poetry, crocheting and spending time with her family.