Banking on the unbanked

Interesting op-ed about the check cashing industry in the Boston Globe titled “Banking on the Unbanked.”

It basically praises check cashers and rips banks a new one. Take this quote for example:

“A recent study by the Pew Charitable Trusts found that the nation’s 12 largest banks, responsible for issuing more than 80 percent of credit cards, engage in practices that the Federal Reserve deemed “unfair or deceptive.”

The article praises check cashing outlets for posting their fees upfront for their customers. For the record, payday lenders post their fees on the walls in their locations too.

The article does take a swipe at payday loans, but you can’t blame the economic meltdown on payday lenders. Can’t say that about our banks.

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