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You have to love all the replies to this carefully explaining how banks prey on the poor and that’s why they go to check cashing services, but nobody seems to r
by krupan 5y ago
You have to love all the replies to this carefully explaining how banks prey on the poor and that’s why they go to check cashing services, but nobody seems to realize that instead of putting the check cashing services out of business by competing with a government subsidized service, maybe we should fix the banks?
- kube-system 5y agoIt’s a more practical solution to the problem. At the fringes of society, USPS is a closer to being an equitable and accessible bank than Wells Fargo is. Even if you did require Wells Fargo to serve unprofitable customers, they’re still not going to build a branch in the underserved areas where these services are needed. Equitability will always be at odds with the profit motive of commercial banks. If anything, requiring banks to offer unprofitable services might just lead to more branches closing to avoid the losses. There’s a reason you can’t send a letter for $0.58 via FedEx or UPS.