The Unbanking of America - Are Check Cashing Centers and Pay Day Lenders really bad?
Submitted by Kathy_Tracey on January 16, 2017 - 1:34pm
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- increasing numbers of working Americans are using alternative financial services and turning their backs on traditional banking because banks don't meet their needs and whack them with fees and charges they aren't expecting.
- In 2011, she notes, Americans paid $38 billion just in overdraft fees.
- About 8 percent of Americans don't have a bank account and another 20 percent have a bank account but they rely on alternative financial services.
- The reasons people use alternate financial services include cost savings and transparency.
I invite you to check out the full transcript of the discussion. I'd also like to know what these perspectives mean for us in adult education:
- What does this mean for us as educators as we teach finanical literacy?
- Did this podcast change your mind about check cashing centers?
I'd love to hear your thoughts.