Fringe Banking : Check-Cashing Outlets, Pawnshops, and the Poor / John P. Caskey
Language: English
Published by New York : Russell Sage Foundation, 1994
- First Edition
- Hardcover
- Used
Seller: MW Books Ltd., Galway, IrelandMW Books Ltd.
AbeBooks seller since June 23, 2003
Condition: Used
£ 26.50
Quantity: 1 available
Add to basketItem description from seller
Fine cloth copy in an equally fine dw. Particularly and surprisingly well-preserved; tight, bright, clean and especially sharp-cornered. ; 165 pages; Description: xiv, 165 p. : ill. , map ; 24 cm. Subjects: Pawnbroking--United States. Check cashing services--United States. Poor--United States--Finance, Personal. 1 Kg.
Seller Inventory # 59071
- Title
- Fringe Banking : Check-Cashing Outlets, Pawnshops, and the Poor / John P. Caskey
- Author
- Caskey, John P.
- Publisher
- New York : Russell Sage Foundation
- Publication year
- 1994
- Dust jacket
- Dust Jacket Included
- Binding
- Hardcover
- Language
- English
- ISBN 10
- 0871541955
- ISBN 13
- 9780871541956
- Edition
- First Edition.
- Item weight
- 1 kilogram
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.
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Asia and Asian Colonial History, Travel and Exploration, Nineteenth and Twentieth Century Political Economy, Labour History and Literature, Nineteenth and Twentieth Century Social HistorySeller's business information
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