In September, I went to a gathering on the best way to assist low-income individuals improve use of services that are financial. I discovered myself sitting close to an professional from a big financial-services firm, whom said which he had recently pretended become without having a bank take into account an whole afternoon. He and a few individuals in their division have been delivered to check-cashing stores in places like Harlem to cash checks, deliver cash, and settle payments, to have just just just what it may be prefer to live with no banking account. He became animated me the stack of receipts he had accumulated in his afternoon of living on the edge as he pulled a file from his briefcase and showed. He had been outraged by simply how much it cost to deliver funds from Manhattan to Brooklyn, and therefore he had been forced to invest an additional $1.50 to cover a bill. He had ended their puzzled about why anyone would use check-cashing services instead of banks day.
I immediately recognized one of them as I peered at his receipts. It originated in RiteCheck, a check casher in Harlem plus the Southern Bronx where not long ago i struggled to obtain four months. A week working as a teller at RiteCheck to try to get my own perspective on the financial lives of the urban poor, I spent eight hours. Continue reading The High Cost, when it comes to bad, of employing a Bank