Journal Article

Promoting banking services among low-income customers

Abstract: Many low-income people rely on payday lenders, check cashers, and other alternative financial service providers to get by. But the high costs make it hard for families to save. A 2008 Brookings Institution report highlights the reasons that the so-called unbanked turn to such services. It also suggests solutions-including both expanded bank offerings and increased access to government programs that stabilize incomes and reduce the need for emergency, high-cost credit.

Keywords: Unbanked;

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Bibliographic Information

Provider: Federal Reserve Bank of Boston

Part of Series: New England Community Developments

Publication Date: 2008

Pages: 1-7

Order Number: 3