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How effective is lifeline banking in assisting the 'unbanked'?

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Author Info

  • Joseph J. Doyle
  • Jose A. Lopez
  • Marc R. Saidenberg

Abstract

Many consumers who lack checking accounts are paying relatively high costs to access the nation's payments system. Legislation aimed at opening the system to these unbanked individuals has centered on requiring commercial banks to offer low-cost "lifeline" accounts. But will cost savings alone motivate these consumers to access the payments system through banks?

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File URL: http://www.newyorkfed.org/research/current_issues/ci4-6.html
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Bibliographic Info

Article provided by Federal Reserve Bank of New York in its journal Current Issues in Economics and Finance.

Volume (Year): 4 (1998)
Issue (Month): Jun ()
Pages:

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Handle: RePEc:fip:fednci:y:1998:i:jun:n:v.4no.6

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Related research

Keywords: Checking accounts ; Banks and banking - Service charges ; Poverty;

References

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  1. Arthur B. Kennickell & Martha Starr-McCluer & Annika E. Sunden, 1997. "Family finances in the U.S.: recent evidence from the Survey of Consumer Finances," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Jan, pages 1-24.
  2. Glenn B. Canner & Ellen Maland, 1987. "Basic banking," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Apr, pages 255-269.
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Cited by:
  1. Sherrie L. W. Rhine & William H. Greene & Maude Toussaint-Comeau, 2006. "The Importance of Check-Cashing Businesses to the Unbanked: Racial/Ethnic Differences," The Review of Economics and Statistics, MIT Press, vol. 88(1), pages 146-157, February.
  2. Edward S. Prescott & Daniel D. Tatar, 1999. "Means of payment, the unbanked, and EFT '99," Economic Quarterly, Federal Reserve Bank of Richmond, issue Fall, pages 49-70.

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