The unbanking of America : how the new middle class survives / Lisa Servon.

Format:

Book

Author/Creator:

Servon, Lisa J., author.

Language:

English

Subjects (All):

Banks and banking--Social aspects--United States.

Banks and banking.

Financial institutions--United States.

Financial institutions.

Check cashing services.

Banks and banking--Social aspects.

United States.

Check cashing services--United States.

Physical Description:

xix, 250 pages ; 24 cm

Place of Publication:

Boston : Houghton Mifflin Harcourt, 2017.

Summary:

Discusses the problems with American banking and investigates such informal banking alternatives as check-cashing businesses, payday lenders, and lending clubs.

"An urgent, absorbing exposé--why Americans are fleeing our broken banking system in growing numbers, and how alternatives are rushing in to do what banks once did. What do an undocumented immigrant in the South Bronx, a high-net-worth entrepreneur, and a twenty-something graduate student have in common? All three are victims of our dysfunctional mainstream banking and credit system. Today nearly half of all Americans live from paycheck to paycheck, and income volatility has doubled over the past thirty years. Banks, with their high monthly fees and overdraft charges, are gouging their low- and middle-income customers while serving only the wealthiest Americans. Lisa Servon delivers a stunning indictment of America's banks, together with eye-opening dispatches from inside a range of banking alternatives that have sprung up to fill the void. She works as a teller at RiteCheck, a check-cashing business in the South Bronx, and as a payday lender in Oakland. She looks closely at the workings of a tanda, an informal lending club. And she delivers engaging, hopeful portraits of the entrepreneurs reacting to the unbanking of America by designing systems to creatively serve many of us."--Dust jacket.

Contents:

We're all underbanked

Where everybody knows your name

Bankonomics, or How banking changed and most of us lost out

The new middle class

The credit trap : "bad debt" and real life

Payday loans : making the best of poor options

Living in the minus : the millennial perspective

Borrowing and saving under the radar

Inside the innovators

Rejecting the new normal.

Notes:

Includes bibliographical references (pages 191-240) and index.

ISBN:

0544602315

9780544602311

OCLC:

932050648