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The astonishing logic behind the utilization of check cashers and payday advances

Thursday, December 31st, 2020

The astonishing logic behind the utilization of check cashers and payday advances

Usually regarded as predatory, the check cashing industry is booming. Lisa Servon wondered why people that are lower-income were struggling would cash checks in the place of getting a bank-account, therefore she took work as a cashier to learn. Exactly just exactly What she discovered — it’s frequently cheaper — may be the topic of her book that is new,The Unbanking of America.” Economics correspondent Paul Solman reports.

Read the Complete Transcript

HARI SREENIVASAN:

Next: some cash is needed by you real fast?

Economics correspondent Paul Solman explores why, for a few clients, the best bet is probably not the lender.

It is element of their series that is weekly making of economic news.

JOE COLEMAN, President, RiteCheck:

And also this is East 138th Street, which in lots of ways could be the Wall Street associated with Bronx. You have got great deal of monetary providers across the road, bodegas. You’ve got tiny cash remitters.

PAUL SOLMAN:

And there is a pawn store, maybe perhaps perhaps not the type of financier you’ll find in the Wall that is actual Street. But, hey, here is the Southern Bronx, poorest district that is congressional America, where some 40 % of residents reside underneath the poverty line.

JOE COLEMAN:

The primary company from the road is RiteCheck, where we now have our monetary solution center.

PAUL SOLMAN:

Joe Coleman is president of the string of 14 shops into 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 will have no bank account on function.

Jose Benitez is a construction specialist. (more…)