The Unbanking of America

The Unbanking of America

How the New Middle Class Survives

eBook - 2017
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An urgent and incisive exposé—why Americans are fleeing our broken banking system in growing numbers, and how alternatives are rushing in to do what banks once did


“[A] startling and absorbing exposé . . . Required reading for fans of muckraking authors like Barbara Ehrenreich.”—Publishers Weekly, starred review
“Exceptional . . . thorough, and even gut-wrenching. A significant contribution.”—American Prospect
Why Americans are fleeing our broken banking system in growing numbers, and how alternatives are rushing in to do what banks once did
What do an undocumented immigrant in the South Bronx, a high-net-worth entrepreneur, and a twenty-something graduate student have in common? All three are victims of our dysfunctional mainstream bank and credit system. Nearly half of all Americans live from paycheck to paycheck, and income volatility has doubled over the past thirty years. Banks, with their high monthly fees and overdraft charges, are gouging their lower- and middle-income customers while serving only the wealthiest Americans.
            Lisa Servon delivers a stunning indictment of America’s banks, together with eye-opening dispatches from inside a range of banking alternatives that have sprung up to fill the void. She works as a teller at RiteCheck, a check-cashing business in the South Bronx, and as a payday lender in Oakland. She looks closely at the workings of a tanda, an informal lending club. And she delivers engaging, hopeful portraits of the entrepreneurs reacting to the unbanking of America by designing systems to creatively serve many of us.

Baker & Taylor
An urgent exposé of what the author terms America's broken banking system reveals the discriminatory practices of banks that favor wealthy customers, forcing a large percentage of the population to explore alternate monetary management systems.

Publisher: Boston : Houghton Mifflin Harcourt, [2017]
ISBN: 9780544611184
Branch Call Number: E-BOOK
Characteristics: 1 online resource (xix, 250 pages.)

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Apr 16, 2017

The book was obviously finished before the elections so she has great hope for the Consumer Financial Protection Bureau. She doesn't point any fingers but also doesn't mince words about how far our system is from fairly and efficiently serving our financial needs.


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