banking the unbanked


Banks Attract New Customers, New Fee Income With Check-Cashing Services

Instead of imposing new fees on their existing customers, banks have an exciting new idea: attract new customers and charge them fees. Specifically, banks are looking to low-income and lower-middle-income people who might normally use check-cashing stores or check-cashing services in retail stores to gain immediate access to their money. These customers may not make large deposits, but what customers who want access to their cash right away do generate are lots of fees. [More]