The Unbanking of America

The Unbanking of America

How the New Middle Class Survives

eBook - 2017
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An urgent, absorbing exposé—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. Today 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 low- 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 fascinating, hopeful portraits of the entrepreneurs reacting to the unbanking of America by designing systems to creatively serve many of us.  Banks were once essential pillars of our lives; now we can no longer count on them to do right by us.

"Required reading for fans of muckraking authors like Barbara Ehrenreich, this fascinating look at the future of money management insists that the 'unbanked' are a sector deserving of respect and solid options."Publishers Weekly, starred review

A gripping and incisive exposé of our broken banking system—why so many Americans on many rungs of the economic ladder are unable to efficiently get at their money, pay bills, or save for emergency expenses.

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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