[lbo-talk] Unbanked (was dd on microcredit)

Jordan Hayes jmhayes at j-o-r-d-a-n.com
Wed Oct 18 11:31:02 PDT 2006



> about the poor's need for financial services, and the state's role in
> providing them.

I think there's probably no worse idea than having the government become the bank-of-last-resort.

With places like Washington Mutual who have "free checking" programs, there's no excuse for poor people to be without banking services. Sure, Citibank doesn't do it, but if you're poor, Citibank isn't the right provider for you anyway.

I've known lots of people with "poor"-level incomes who won't use a bank because they don't trust them. Why that is, I can't tell you. But they'll use a check-cashing service instead. Makes no sense to me, but there you have it.

/jordan



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