Fringe Banking : Check-Cashing Outlets, Pawnshops, and the Poor
Language: English
Published by Russell Sage Foundation, 1994
- Hardcover
- Used
Seller: Better World Books: West, Reno, NV, U.S.A.Better World Books: West
AbeBooks seller since March 14, 2016
Condition: Used - Very good
£ 6.48
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Pages intact with possible writing/highlighting. Binding strong with minor wear. Dust jackets/supplements may not be included. Stock photo provided. Product includes identifying sticker. Better World Books: Buy Books. Do Good.
Seller Inventory # 40642124-75
- Title
- Fringe Banking : Check-Cashing Outlets, Pawnshops, and the Poor
- Author
- Caskey, John P.
- Publisher
- Russell Sage Foundation
- Publication year
- 1994
- Condition
- Very Good
- Binding
- Hardcover
- Language
- English
- ISBN 10
- 0871541955
- ISBN 13
- 9780871541956
- Item weight
- 0.882 pounds
- Dimensions
- N/A
Fringe Banking is the first comprehensive study of pawnshops and check-cashing outlets. It profiles their operations, their customers, and their recent growth from small family-owned shops to such successful outlet chains as Cash America and ACE America's Cash Express. Further, it explains why, in spite of interest rates and fees that are 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 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 numerous 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 they cannot obtain elsewhere, and often meet additional needs by selling money orders, arranging wire transfers of funds, and handling utilities payments. 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.
Contrary to their historical reputation as predators milking the poor and desperate, Caskey argues that 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 policymakers to design and enforce regulations that will allow fringe banks to remain profitable without exploiting the customers who depend on them.
"Synopsis" may belong to another edition of this title.
About the Author
JOHN P. CASKEY is associate professor of economics at Swarthmore College.
"About the title" may belong to another edition of this title.
Better World Books: West
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