Most people would assume that it is less expensive to bank with a “real” bank and use a “real” checking account. Here’s why that may not be the case.

The Center for Financial Services Innovation (CFSI) recently published the results of a survey where they tried to compare the cost of different types of accounts. In particular, the survey tried to compare the cost of a regular checking account with the cost of a prepaid debit card and the cost of using check casher services.

The study was not comprehensive, but it provides some pretty interesting insights. The conclusion is that there is no best one-size-fits all financial strategy – whether based on using a traditional checking account, check cashing services or a prepaid card – that is right for all people. Each of these services can be used relatively cost effectively, if the individual has access to low cost providers.

However, the problem for many people on ChexSystems list is that they do not have access to low cost providers for all services. Instead, folks who are on the ChexSystems list have few options for low cost checking accounts. Of the accounts that may be available, the fees can be quite high.

If you are interested, you can read the full survey here. Or, check back in the next few days and we’ll provide a greater analysis of the study.

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Related ChexSystems Banking Information:

1. Prepaid Debit Cards: The Top Five Reasons People Use Them
2. Prepaid Debit Cards — Survey Says Two Thumbs Up
3. Prepaid Debit Cards are Getting Even Easier to Use
4. Who Uses Prepaid Debit Cards?
5. Debit Cards are Passing Credit Cards in Popularity