4 ms·
Speaking specifically to the urban scourge of check paying places, I wonder if there would be space for a paycheck cashing place that kept half of those 20%+and
by natecavanaugh 9y ago
Speaking specifically to the urban scourge of check paying places, I wonder if there would be space for a paycheck cashing place that kept half of those 20%+and set it in a small interest bearng account, and they'd have a vesting schedule before they should remove their savings (and percent incentives for them to stay, since the bigger the pot, the more rewards all around).
I think this might be an industry that could help mitigate some social ills, not just prolong or exacerbate them.
Are there any good gaps in my view that I'm not seeing?
- kaycebasques 9y agoSo, you're proposing a check deposit company that still takes a big chunk of the deposit, but sets aside half of that chunk in a savings account for the depositor?
- natecavanaugh 9y agoYep, exactly that. Maybe a smaller chunk, to be competitive, but ultimately to profit by helping people rather than perpetuating a cycle of debt.