BRINGING UNBANKED HOUSEHOLDS INTO THE MAINSTREAM FINANCIAL S

[wlmmyers]

John Caskey of Swarthmore continues his work on check cashers and predatory
lenders by proposing a solution. A paper from The Brookings Institution
presents a strategy that calls on participating banks to open special
"outlets" conveniently located for lower-income households that would offer
non-traditional services from fee-based check-cashing services to
budget-management and credit-repair seminars.

http://www.brookings.edu/es/urban/capitalxchange/article10.htm

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[ey at openmoney.org]

Brookings suggests that this is good marketing for banks...

"First, it will draw more of the unbanked into bank branches. Second, it
will offer them a set of services better designed to meet their needs.
Third, it is better structured to help the unbanked become traditional bank
customers. Fourth, it is also likely to be more profitable for banks,
making them more willing to implement it."

We suggest adding community currency services for many of the same reasons
but also for those who already use banks. Any bank and credit union could
provide ordinary banking services for virtual moneys. See short intro in
"business case" at http://www.openmoney.org/go/connects.html

and this for context - http://www.openmoney.org/play/m&c-notes.html

ernie yacub


At 09:24 PM 1/25/2002 -0500, William Myers wrote:
>John Caskey of Swarthmore continues his work on check cashers and
>predatory lenders by proposing a solution. A paper from The Brookings
>Institution presents a strategy that calls on participating banks to open
>special "outlets" conveniently located for lower-income households that
>would offer non-traditional services from fee-based check-cashing services
>to budget-management and credit-repair seminars.
>
>http://www.brookings.edu/es/urban/capitalxchange/article10.htm
>
>The WebClipper Digest and daily Headlines News available at:
>http://www.handsnet.org



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