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Journal Article
Access to Electronic Payments Systems by Unbanked Consumers

Fumiko Hayashi identifies electronic payment products that can mitigate unbanked consumers? problems with the banking system.
Economic Review , Issue Q III , Pages 51-76

Journal Article
Strategies for banking the unbanked: are they working?

Banks are looking at new approaches to serving the unbanked, but many barriers exist. KeyBank is a pioneer in offering banking services to the unbanked.
Community Reinvestment Forum , Issue Fall

Journal Article
Promoting banking services among low-income customers

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.
New England Community Developments

Conference Paper
Banking on remittances: increasing market efficiencies for consumers and financial institutions

Proceedings , Paper 967

Discussion Paper
Driving positive behavior change through education and motivation: summary of a PayPerks workshop

Start-up firm PayPerks has developed a financial capability and rewards platform that combines online education with sweepstakes-based incentives. PayPerks? initial emphasis has been on improving the understanding and use of prepaid cards among individuals with little prior experience using payment cards. Participants can earn points in a variety of ways, including taking short, self-directed tutorials on prepaid card use. Every month, those points become chances to win cash prizes in sweepstakes drawings. PayPerks co-founders facilitated a Payment Cards Center workshop where they ...
Consumer Finance Institute discussion papers , Paper 13-01

Conference Paper
Payday lending: do the costs justify the price?

Proceedings , Paper 949

Journal Article
Strategies for banking the unbanked : how bankers are overcoming entrance barriers

As consumer demographics continue to change, an increasing percentage of the U.S. population is represented by those of Hispanic origin. For financial institutions, this change is significant because many Hispanic consumers lack formal banking relationships. The are unbanked. This article discusses future population projections and how these changes are playing out in the Tenth District states. The authors also describe survey results from the Federal Reserve Bank of Kansas City's survey of Hispanic consumers in Garden City, Kansas. These survey results help explain why many Hispanic ...
Financial Industry Perspectives , Issue Jan

Working Paper
Does Access to Bank Accounts as a Minor Improve Financial Capability? Evidence from Minor Bank Account Laws

Banking the unbanked is a common policy goal, but should this include access to bank accounts for minors? This study estimates how teenagers' access to bank accounts affects their financial development. Using variation in state laws, we show policies that permit access to independently-owned accounts increase account ownership at age 16 through age 19, although by age 24 those young adults are banked at similar rates to teens who grew up in states that do not allow minors to own accounts independently. Teens who had access to independently-owned accounts use fewer high-cost alternative ...
Finance and Economics Discussion Series , Paper 2021-075

Journal Article
The latest frontiers for financial inclusion: Using mobile phones to reach the unbanked

The goal of community development should be to improve the lives of as many disadvantaged people as possible with a minimum amount of resources. The field can achieve this goal by identifying those community development projects that are both efficient and have significant social impacts, and then scaling up. However, without effective evaluations, it is impossible to gauge progress. Effective evaluations include randomized experiments and well-designed observational studies, both of which can measure the impact to society. This article analyzes the best evaluation methods in international ...
Community Development Innovation Review , Issue 01 , Pages 114-118

Journal Article
Check cashers: moving from the fringes to the financial mainstream

Once relegated to the margins of the financial services industry, check cashing outlets (CCO's) are now more visible parts of the urban landscape. Check cashers offer convenient check clearing and bill payment services, mostly tailored to meet the needs of the "unbanked" in low-and moderate income communities. The industry has grown dramatically over the years and is generating new products and services to meet the needs of its niche clientele. While some argue that check cashers are offering marginalized lower income Americans more responsive products than those available from banks, ...
Communities and Banking , Issue Sum , Pages 2-15



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