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Promoting banking services among low-income customers

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  • Rebecca M. Blank

Abstract

Many low-income people rely on payday lenders, check cashers, and other alternative financial service providers to get by. But the high costs make it hard for families to save. A 2008 Brookings Institution report highlights the reasons that the so-called unbanked turn to such services. It also suggests solutions-including both expanded bank offerings and increased access to government programs that stabilize incomes and reduce the need for emergency, high-cost credit.

Suggested Citation

  • Rebecca M. Blank, 2008. "Promoting banking services among low-income customers," New England Community Developments, Federal Reserve Bank of Boston, pages 1-7.
    • Handle: RePEc:fip:fedbcd:y:2008:p:1-7:n:3
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    File URL: http://www.bostonfed.org/commdev/necd/2008/issue3/LMI-banking-services.pdf
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    Keywords

    Unbanked;

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