The check cashing service industry
has become and essential component of the American economy. There are
reportedly more than 17 million U.S. citizens who do not have a bank account.
Moreover, there is also a significant number of Americans who despite having a
bank account, continue to use check cashing services to conduct other financial
matters.
Check cashing services are
businesses that are licensed to conduct personal financial matters. There is a
large voice out there that continues to warn people of the pitfalls one will
encounter should they decide to use this service as opposed to a traditional
bank.
I will share a story that was shared
with me only a day prior to this writing. In my state, the government sought to
move in on check cashing businesses to include 24 hour check cashing locations
in order to hold their feet to the fire. They wanted to be certain that these
businesses were not strong arming customers into accepting inflated interest
rates for the service they provide. State officials wanted to better regulate
this extremely profitable industry. Upon investigating, their results made
their jaws drop! They realized that low income consumers were not the people
who frequent check cashing businesses. Instead, it was the employees of the
state who were making use of the payday-loan service to span the tide in
between paychecks.
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