“An Ivy League professor who spent 4 months working in a South Bronx check-cashing store says we’re getting it all wrong” summarizes why lower-income Americans may rationally prefer check cashing services to conventional banks.
3 thoughts on “More evidence that poorer Americans are not stupid”
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Funny that one of the major (openly stated) criticisms of Bitcoin is/was that it’s mainly used to facilitate illegal activity. Why wouldn’t that argument be used to target check cashing businesses, since the article clearly says, without any criticism whatsoever, that check cashing services are useful to people who need to pay undocumented employees?
Illegal activity or avoiding dumb laws?
After reading volumes about the financial system after the collapse of the ’00’s, I still don’t understand why any consumer-level customer would use a bank instead of a credit union. What earthly reason keeps an overbuilt bank on every street corner? Cash-based lenders serve a niche and they are no more predatory than banks.