Free Download , by Lisa Servon
Free Download , by Lisa Servon
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, by Lisa Servon
Free Download , by Lisa Servon
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Product details
File Size: 2260 KB
Print Length: 277 pages
Publisher: Mariner Books; Reprint edition (January 10, 2017)
Publication Date: January 10, 2017
Sold by: Amazon Digital Services LLC
Language: English
ASIN: B01912OYO0
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Amazon Best Sellers Rank:
#310,603 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
The Unbanking of America is better than a treatise on US consumer financial services has any right to be.Author Lisa Servon, a university professor, has dedicated a large part of her life to this book, exploring “unbanked†America from every possible aspect: the data (which she found inadequate), the literature (often straight from the author, such as Sudhir Venkatesh of Freakonomics fame), the history of the relevant regulation (again, under the guidance of experts), a survey of fintech initiatives (straight from the founders) and, most significantly, the people: the unbanked themselves.For this last bit, nothing less than proper fieldwork would do. The author got two separate full-time jobs serving underbanked Americans and volunteered for a third one: as a teller behind the bulletproof counter at a Brooklyn branch of Rite Check, as a payday loan officer in Oakland with Check Center and as a helpline operator from her mobile phone for the Predatory Loan Help Hotline of the Virginia Poverty Law Center. Even her research assistant was enlisted, as a saver with a tanda in South Bronx (an unofficial Rotating Savings and Credit Association).My interpretation of her findings is that not only have the banks moved away from America’s middle class, but the definition of what it is to be a middle class American has shifted as well.So, on one hand the banks’ business model toward serving the less affluent population’s banking needs has been repurposed to work through (often hidden or, even worse, unfairly calculated) fees for overdrafts. And following Bill Clinton’s (he’s never mentioned by name) 1994 repeal of interstate banking restrictions, a large wave of mergers has swallowed most of the small banks that used to serve neighborhoods, to the point that the author now believes that cash checking services, which advertise their fees as clearly as a fast-food shop, rather than bury them in fifty page agreements, offer a better deal to the masses.Moreover, regulation on lending, especially in the shape of the, generally speaking, well-intended, 2009 CARD act, has made it unprofitable for banks to lend to the less affluent, with the result that banks have totally abandoned this segment of the market.But there is a more sinister side to this, and it’s that an enormous proportion of the US population is less financially stable than its parents’ generation. Special emphasis (a whole chapter) is given to the “millennials†and the book avoids strident claims, but the point is driven home through a barrage of facts, statistics and personal testimonies that almost a hundred million Americans are merely “making do†and are unable to live with the uncertainty inherent in waiting for a check to be cashed by their mainstream bank, for instance.This is not a story of despair however. The author explores alternative banking arrangements such as Rotating Savings Corporations and Associations, visits with private pioneers in providing financial services to the “precariat†and offers a series of proposals for government programs, including for example a return to a basic account the Post Office used to offer to savers until 1967.So the book left me optimistic about the future of the unbanked; or rather, it left me optimistic that their banking needs will soon no longer feature among their higher sources of stress.One issue at a time!
I found Servon's book a concise and compelling story of how the ways the poor manage their finances when banks are increasingly uninterested in serving them. Check cashers charge a lot but their fees are transparent, they know your name and they are open when you need them. Payday loans serve a purpose but unless you can pay back in two weeks these loans are almost impossible to pay back. Even money lenders have their role if you don't get in too deep and payback the loans quickly. The most promising alternative are the savings circles (ROSCAS) - where a group of ten or so of trusted friends each contribute a set amount to a pot each week with each in turn taking out the amount collected that week until all have received their payout. These groups abound in every ethnic community. Where else can you save up for emergencies, to fix the car, to pay the rent, or even make the downpayment on a house. Disciplined savings and mutual accountability are the keys to taking the first steps out of poverty and you don't need to pay interest - well maybe a tip for the woman who organized the group. Immigrants have a lot to teach us about getting ahead with almost nothing. The alternatives Servon profiles at the end of the book are a small drop in the bucket compared to to financial services reality that the great mass of those struggling paycheck to paycheck face every day. It turns out that financial services for the poor in this richest of countries are truly third world - and efforts are being made to gut the feeble protections the poor have against predatory banks. Highly recommended.
I work for a local nonprofit agency doing credit counseling, bankruptcy counseling, and financial literacy education. Honestly, I bought this book because I had jury duty coming up and wanted to stock up on reading material. Much of the book was a refresher on topics that I was already familiar with; some of the information about "innovations" was new. The author's thesis is that banks have driven people away with their high fees, poor service, and the like. Instead. far too many Americans have been using non-traditional services like check cashing centers, payday lenders, and the like. The author focuses her research on NYC.The book will appeal to readers who are unfamiliar with the problems facing the unbankable poor. And make no mistake, those problems are severe for them and even lower middle class Americans. The material is interesting, but I wonder how applicable it is to folks living outside of urban centers. More particularly, I wonder how applicable it is to people living outside of NYC. Admittedly, check cashers, payday lenders, and the like are found in abundance around military bases, but I truly wonder whether the NYC experience mirrors the rest of the country for the most part.I was also hoping for more explanation about how payday lending works (how, for instance, can the APR on those loans exceed 900% in some cases) and, for that matter, how check cashing places operate. There is precious little of that here. In fairness, though, there is a lot of anecdotal information about why people flock to these services and how they benefit compared to banking services. Finally, as another reviewer noted, the book is short. Half of the book is devoted to footnotes, an index, and other material. Perhaps I came to this subject with too much prior knowledge. Despite these shortcomings, the book is still an interesting account of the plight of the unbankable poor in NYC.
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