Monday, June 25, 2007

Millions shun Banks

The Enquirer today has a story about the millions of Americans that operate in our society without bank accounts.

One of the reasons for the explosion of check cashing operations is that we continue to see a large number of people operating underneath the "radar" of our culture.

Whether it be illegal immigrants, guys avoiding child support obligations, people with poor bank account histories (large numbers of bounced checks) or drug dealers, we continue to have a class of people who frankly do not want to be located through traditional bank accounts.

Is it more expensive? helloooo. Yes it is; but it should be. I wouldn't want to serve this group of people without a premium for my service and guess what? They'll pay it.

I must have had a bad weekend.

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