Usually viewed as predatory, the check cashing industry is booming. Lisa Servon wondered why lower-income those who had been struggling would cash checks in the place of obtaining a bank-account, therefore she took work being a cashier to discover. Exactly just What she learned — itвЂ™s frequently cheaper — could be the topic of her book that is new,The Unbanking of America.” Economics correspondent Paul Solman reports.
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Next: some cash is needed by you real fast?
Economics correspondent Paul Solman explores why, for many clients, the bet that is best may not be the lender.
It really is element of their regular series Making Sense of economic news.
JOE COLEMAN, President, RiteCheck:
And this is East 138th Street, which in lots of ways may be the Wall Street for the Bronx. You’ve gotten a complete lot of monetary companies over the road, bodegas. You’ve got little cash remitters.
And there is a pawn store, maybe not the kind of financier you’d find from the Wall that is actual Street. But, hey, here is the Southern Bronx, poorest congressional district in America, where some 40 per cent of residents reside underneath the poverty line.
The service that is main regarding the road is RiteCheck, where we now have our monetary solution center.
Joe Coleman is president of the string of 14 shops when you look at the Southern Bronx and Harlem. They will certainly cash your checks, spend your bills, transfer cash twenty four hours a 365 days a year day. Something similar to half these customers are unbanked, meaning they’ve no bank account on function.
Jose Benitez is just a construction specialist. Continue reading