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The Impact of Banking and Fringe Banking Regulation on the Number of Unbanked Americans

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  • Ebonya Washington
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    Abstract

    Thirty-five to 45 percent of low-income American households do not possess a bank account. This statistic coupled with claims of price gouging by check cashers has prompted government intervention. I find that state legislation requiring banks to offer low-cost accounts slightly decreases the number of low-income minority unbanked households, but only with a substantial lag. Caps on check-cashing fees also lead to a small, but more immediate, reduction in the number of unbanked among this population. Because price caps may lead to a reduction in supply, welfare effects are indeterminate.

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    File URL: http://jhr.uwpress.org/cgi/reprint/XLI/1/106
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    Bibliographic Info

    Article provided by University of Wisconsin Press in its journal Journal of Human Resources.

    Volume (Year): 41 (2006)
    Issue (Month): 1 ()
    Pages:

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    Handle: RePEc:uwp:jhriss:v:41:y:2006:i:1:p106-137

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    Web page: http://jhr.uwpress.org/

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    Cited by:
    1. Judy Postmus & Sara-Beth Plummer & Sarah McMahon & Karen Zurlo, 2013. "Financial Literacy: Building Economic Empowerment with Survivors of Violence," Journal of Family and Economic Issues, Springer, vol. 34(3), pages 275-284, September.
    2. Felipe Kast & Dina Pomeranz, 2013. "Saving More to Borrow Less: Experimental Evidence from Access to Formal Savings Accounts in Chile," Harvard Business School Working Papers 14-001, Harvard Business School, revised Jun 2014.

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