MARC Record from marc_columbia

LEADER: 04123fam a2200409 a 4500
001 1529458
005 20220608182321.0
008 940214t19941994nyuab b 001 0 eng
010 $a 94008244
020 $a0871541955 (alk. paper) :$c$24.95
035 $a(OCoLC)29952024
035 $a(OCoLC)ocm29952024
035 $9AJZ4069CU
035 $a(NNC)1529458
035 $a1529458
040 $aDLC$cDLC$dDLC
043 $an-us---
050 00 $aHG2101$b.C37 1994
082 00 $a332.7/4$220
100 1 $aCaskey, John P.$0http://id.loc.gov/authorities/names/n94015034
245 10 $aFringe banking :$bcheck-cashing outlets, pawnshops, and the poor /$cJohn P. Caskey.
260 $aNew York :$bRussell Sage Foundation,$c[1994], ©1994.
300 $axiv, 165 pages :$billustrations, map ;$c24 cm
336 $atext$btxt$2rdacontent
337 $aunmediated$bn$2rdamedia
504 $aIncludes bibliographical references (p. 151-156) and index.
505 0 $aWhy Study Fringe Banks? -- 1. Four Themes -- 2. A Brief History of Pawnbroking and Commercial Check Cashing -- 3. Contemporary Fringe Banking -- 4. Who Uses Fringe Banks and Why? -- 5. Explaining the Boom in Fringe Banking -- 6. Regulating Fringe Banks -- 7. Policies To Make Deposit Accounts More Accessible.
520 $aIn today's world of electronic cash transfers, automated teller machines, and credit cards, the image of the musty, junk-laden pawnshop seems a relic of the past. But it is not. The 1980s witnessed a tremendous boom in pawnbroking. There are now more pawnshops than ever before in U.S. history, and they are found not only in large cities but in towns and suburbs throughout the nation.
520 8 $aAs John Caskey demonstrates in Fringe Banking, the increased public patronage of both pawnshops and commercial check-cashing outlets signals the growing number of American households now living on a cash-only basis, with no connection to any mainstream credit facilities or banking services.
520 8 $aFringe Banking is the first comprehensive study of pawnshops and check-cashing outlets. It profiles their operations, their customers, and their recent growth from small family-owned shops to such successful outlet chains as Cash America and ACE America's Cash Express. Further, it explains why, in spite of interest rates and fees that are substantially higher than those of banks, their use has so dramatically increased.
520 8 $aAccording to Caskey, declining family earnings, changing family structures, a growing immigrant population, and lack of household budgeting skills greatly reduced the demand for bank deposit services among millions of Americans. In addition, banks responded to 1980s regulatory changes by increasing fees on deposit accounts with small balances and closing branches in numerous poor urban areas. These factors combined to leave many low- and moderate-income families without access to checking privileges, credit services, and bank loans.
520 8 $aPawnshops and check-cashing outlets provide such families with essential financial services they cannot obtain elsewhere, and often meet additional needs by selling money orders, arranging wire transfers of funds, and handling utilities payments. Caskey notes that fringe banks, particularly check-cashing outlets, are also utilized by families who could participate in the formal banking system, but are willing to pay more for convenience and quick access to cash.
520 8 $a. Contrary to their historical reputation as predators milking the poor and desperate, Caskey argues that pawnshops and check-cashing outlets play a key financial role for disadvantaged groups. Citing the inconsistent and often unenforced state laws currently governing the industry, Fringe Banking challenges policymakers to design and enforce regulations that will allow fringe banks to remain profitable without exploiting the customers who depend on them.
650 0 $aPawnbroking$zUnited States.
650 0 $aCheck cashing services$zUnited States.
650 0 $aPoor$zUnited States$xFinance, Personal.
852 00 $boff,bus$hHG2101$i.C37 1994