Home -> Law Blog Directory -> Consumer Law Blogs -> Caveat Emptor
(866) 635-2689 for Personal Injury or (866) 635-9402 for Criminal Defense
Find a Local Lawyer
Divorce (866) 635-6190
Personal Injury (866) 635-2689
Criminal Defense (866) 635-9402
Consumer Law: Caveat Emptor
Helping the unbanked
By Nick Slade
Bill Clinton and Arnold Schwarzenegger are heading up a great initiative to get people to open bank accounts rather than use check cashing centers etc. that charge what is often a hefty a fee to cash their paycheck. In a commentary in the WSJ, they point out that: the number of check cashers, payday lenders and pawnshops is more than double the number of McDonald’s franchises in the United States. More than 20 million Americans cash more than $60 billion in checks each year at check-cashing businesses. Full-time workers without a checking account typically pay $40 on average to cash their paychecks. And payday lenders sell an additional $40 billion in expensive small-dollar loans each year that carry fees 30 times the average credit-card rate.
I have long been an advocate of people joining credit unions because they often have lower fees than banks and will work harder to provide their members with services such as car loans further saving people money. Maybe with a little luck this initiative will catch on nation wide.
Search Blog Directory: