[goodwithagun]

“helping the “unbanked” enter the financial mainstream by opening checking and savings accounts”

I didn’t know they weren’t allowed to. The credit union I belong to only has a county residency requirement.

[SMARTY]

Is it me or does this sound like another plan to help undocumented illegals stay under the radar in the U.S.?

[GOPJ]

Here is one initiative that can unite progressives and conservatives as well as business leaders and community activists: helping the "unbanked" enter the financial mainstream by opening checking and savings accounts, and working collaboratively with financial institutions and community groups to develop and market products that work for this untapped market. This will put money in the pockets of individuals and grow the economy. And it won't cost taxpayers a dime.

Walmart's the only group with the power to pull this off -- and they'll need it because lberals will fight them tooth and nail.

[JohnD9207]

helping the “unbanked” enter the financial mainstream by opening checking and savings accounts...

---

The UNBANKED?????????????? Here in the real world the only way the banking industry might not ‘Bank’ you is either
1. A history of bad checks so bad the bank says go away.
2. No valid id/documentation because you are on the lam,
or not suppose to be here in America (illegals).
3. A credit score under 500.

Pay day loans are great for those who have no other option!
Government intervention will not improve the lot in life for those who have screwed up their lives.

[SoFloFreeper]

Here is one initiative that can unite progressives and conservatives as well as business leaders and community activists: helping the "unbanked" enter the financial mainstream by opening checking and savings accounts, and working collaboratively with financial institutions and community groups to develop and market products that work for this untapped market. This will put money in the pockets of individuals and grow the economy. And it won't cost taxpayers a dime.

Imagine the economic and social benefits of putting more than $8 billion in the hands of low- and middle-income Americans. That is the amount millions of people now spend each year at check-cashing outlets, payday lenders and pawnshops on basic financial services that most Americans receive for free -- or very little cost -- at their local bank or credit union. Over a lifetime, the average full-time, unbanked worker will spend more than $40,000 just to turn his or her salary into cash.

This isn't a bad idea...but Thomas Sowell addresses this issue in his book "Basic Economics". Banks don't open branches in the neighborhoods where check-cashing outlets thrive because there is no incentive to do so. Costs are too high.

What the heck is keeping people from going a mile or two away to a real bank and opening an account? Nothing.

Maybe government ought to make it worthwhile for banks to do that--but instead government tries to blame the banks for offering loans and accounts where they make a profit. (Profit is baaaaaaaad according to the left!)

Look, it would be great if poor people participated in the economy and learned about how the economy works. They might realize what a PONZI scheme Social Security and welfare is. Rush Limbaugh has been saying that for YEARS. Nice to see the impeached President and the liberal RINO from Kalifornistan figure that out, too.

[pnh102]

$8 billion paid to payday lenders and the like? Wow... I picked the wrong business to be in!

[TChris]

The American dream is founded on the belief that people who work hard and play by the rules will be able to earn a good living...

Umm... No.

It's founded on equal opportunity, not on a guarantee of results.

You lefties should really try coming up with another shtick. The class warfare thing is really getting old.

[RKV]

As a Kalifornian, I’ve got other things for the Governator to be doing with his time, rather than kibitzing with Slick. Our state budget is a mess and he’s got time for this nonsense. Maybe we ought to recall him, too. And for the record, this is a capitalist country. People get to make mistakes, like getting payday loans, and we don’t protect them because they are adults, and if you can’t make a mistake, you are not free. Freedom is more important than this feel good hokum. Humbug!

[stylin19a]

This year, California will become the first state in the nation to launch an effort to help unbanked residents open starter accounts -- the first step into the financial mainstream. Approximately 11% of California households, including 25% of Latino and African-American households, do not have a checking account. And nearly half of households in the state don't have a savings account.

no where does the article mention "why" these people don't have bank accounts.

[sourcery]

What a great argument for reducing tax rates.

[SnakeDoctor]

Payday loans are pretty much a scam, and can really smoke someone who doesn’t use them right — but they’re voluntary.

H

[Bitsy]

This has already been tried and succeeded for a while. It was called “credit unions” but banks, regulators and greed stopped them from being “mom and pop” institutions. Now credit unions are competitive with the banking industry. So sad. The credit union concept truly was for the average Joe.

[Eva]

I was shocked when I saw the title of this article, that is until I saw who had authored it. I thought that the B of A was in trouble for extending credit to illegals, now they want all banks to do the same.

We are already in a credit crunch because the Clinton administration forced the extension of credit to undeserving people who could not afford to repay their debt.

I’ve had a problem with harassing calls from collection agencies for an Hispanic woman who had my telephone number about five years ago. I finally told them that if they stopped extending credit to illegals, they might not have such a problem tracking them down.

[CarryingOn]

To state the obvious, in every city of any size there are probably more banks than needed. They compete actively for customers with free checking, etc. etc. Why in the name of common sense should tax payer money be used to pay “marketing” expense of Bank of America. Anybody with “walking around sense” can open a checking account.

Of course, to state the rest of the obvious. This ridiculous program is pure politics. duh.

[Amerigomag]

The vast majority of people without bank accounts work, and they have an average household income of $27,000. Most are also married, have at least one child, and are employed by a small business.

This is the modal, illegal, Mexican alien as he has been mainstreamed by US corporations.

[ken21]

gov schwartzpuker got castrated by the dems in 2005,

and he hasn’t been the same since.