-----Original Message----- From: Barbara Lickness However, they will go to the grocery stores like Los Amigos on 28th and Blaisdell who has a check cashing service to conduct their banking business. At that store you can get your check cashed, (I think he charges 1% or 2%) ... On top of it you are serviced by someone who speaks your language. Traditional banks aren't doing that and never will.
<snip> The one area of concern for me with check cashing facilities in Minneapolis has been the percentage they are allowed to charge for cashing checks. I have heard some charge between 6-10%. That seems excessive. Perhaps legislation has been passed to cap the amount that can be charged. I would support that just to keep the people who prey on the poor out or the business. [TB] Those fees don't sound all that much higher than some would pay to use an ATM card with the owner of the ATM having much less risk as the system verifies that there is an account and is money in it. If you don't bank at one of the Big Three, you often pay a buck or two to the owner of the ATM (however Lund's doesn't charge for use of their's) plus you may pay your bank a buck or two for using a machine that is out of whatever network they are part of. $2 to $4 total wouldn't be unusual which if you get $50 is up to 8% of your transaction. If the "unbanked" are only paying 1 or 2% it may be the same deal those of us with bank accounts are getting. Now I have no idea what the cost of running such a business is, there is certainly some payroll and rent for starters. How many checks does one clerk cash in an hour? There was an attempt to curb ATM fees a few years back that didn't go anywhere. I have much less sympathy for the payday loan companies (seems like there is one on Lake Street by the Rent to Own place, I'm sure there are others). Their rates make the 18 - 24% on some credit cards look like prices Walmart advertises. Maybe such places provide some help for a neighborhood, provide money that people can spend in neighborhood stores? In many case I think their negatives exceed their plus side. Terrell Brown Loring Park terrell at terrellbrown dot org _______________________________________ Minneapolis Issues Forum - A Civil City Civic Discussion - Mn E-Democracy Post messages to: [EMAIL PROTECTED] Subscribe, Unsubscribe, Digest option, and more: http://e-democracy.org/mpls
