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Fringe Banking - Check-cashing Outlets, Pawnshops and the Poor (Paperback, New edition)
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Fringe Banking - Check-cashing Outlets, Pawnshops and the Poor (Paperback, New edition)
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In today's world of electronic cash transfers, automated teller
machines, and credit cards, the image of the musty, junk-laden
pawnshop seems a relic of the past. But it is not. The 1980s
witnessed a tremendous boom in pawnbroking. There are now more
pawnshops than ever before in U.S. history, and they are found not
only in large cities but in towns and suburbs throughout the
nation. As John Caskey demonstrates in Fringe Banking, the
increased public patronage of both pawnshops and commercial
check-cashing outlets signals the growing number of American
households now living on a cash-only basis, with no connection to
any mainstream credit facilities or banking services. Fringe
Banking is the first comprehensive study of pawnshops and
check-cashing outlets, profiling their operations, customers, and
recent growth from family-owned shops to such successful outlet
chains as Cash American and ACE America's Cash Express. It explains
why, despite interest rates and fees substantially higher than
those of banks, their use has so dramatically increased. According
to Caskey, declining family earnings, changing family structures, a
growing immigrant population, and lack of household budgeting
skills has greatly reduced the demand for bank deposit services
among millions of Americans. In addition, banks responded to 1980s
regulatory changes by increasing fees on deposit accounts with
small balances and closing branches in many poor urban areas. These
factors combined to leave many low- and moderate-income families
without access to checking privileges, credit services, and bank
loans. Pawnshops and check-cashing outlets provide such families
with essential financial services thay cannot obtain elsewhere.
Caskey notes that fringe banks, particularly check-cashing outlets,
are also utilized by families who could participate in the formal
banking system, but are willing to pay more for convenience and
quick access to cash. Caskey argues that, contrary to their
historical reputation as predators milking the poor and desperate,
pawnshops and check-cashing outlets play a key financial role for
disadvantaged groups. Citing the inconsistent and often unenforced
state laws currently governing the industry, Fringe Banking
challenges policy makers to design regulations that will allow
fringe banks to remain profitable without exploiting the customers
who depend on them.
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