DEFI BANKING PART 2

WELCOME TO THE MONTH OF FEBRUARY! I can tell you right now that this is going to be an awesome month of great revelation, and I am believing for crypto miracles for you and for me!🙌🏾

We started talking about DeFi banking yesterday so we’re continuing today and this week. There are currently 14 million Americans that fall into the ‘unbanked’ category -they don’t have a bank account for one reason or another. Maybe it’s a divorce situation where the person was accustomed to operating on 2 incomes and suddenly with a divorce, that was reduced to one income. Or maybe there was a death in the family or someone lost their job. This is life, things happen that no one could foresee, so we have to quickly adjust and keep it moving.

But the banks don’t see it that way. If you happen to be negative in your bank account for too long, your account will be closed. Banks don’t care about sad stories of joblessness, divorce, or sickness. They want their money, they need the account out of the red and into the Black!

If your account is closed, the balance owed is reported to the credit bureau. So if Chase Bank closes an account and you try to open another account with Wells Fargo Bank, Wells Fargo will pull up a credit report and they’ll see that you owe Chase Bank some $$$, so they aren’t going to open a new account. You leave Wells Fargo and go to Bank of America hoping for better results, but Bank of America can see by the credit report that not only is Chase Bank owed money, but Wells Fargo also said no to opening an account for you! They can see everything! 🙄🧐👀 So no…. they’re not going to open a bank account for you either. What happens now?

Well, check-cashing stores exist for just that purpose: they know there are people who don’t have bank accounts and they provide a service where they will charge you a fee to cash your paycheck. This is where DeFi banking comes in. You can either choose to have your paycheck deposited to Coinbase (with ZERO fees), and use their debit card to conduct your business or, you can use the debit card offered at check-cashing stores to purchase your crypto then deposit it into a DeFi bank account where you can gain interest that’s much higher than Bank of America or Wells Fargo can give to you! 🤑🤑🤑🤑🤑

More on DeFi banking tomorrow. Have a good one!

Copyright ©2022 Sherma Jacqueline Felix. BLACK ADVANTAGE Publishing™. The author shall neither be liable nor responsible for any loss or damage allegedly arising from any information or suggestion in this post.