- by Mark D. Fefer
- Information & Comment
Seattle-based check-cashing and payday-loan chain Moneytree is really a homegrown success story thatвЂ™s made great strides in changing the shady trustworthiness of its industry, as Laura Onstot described in a SW address tale final springtime (вЂњi’ve a Scheme,вЂќ March 12).
Plus some many thanks it gets!
The town of Seattle recently established a brand new program called вЂњBank on SeattleвЂ“King County,вЂќ whose express function is to find visitors to start bank reports and prevent utilizing solutions like MoneytreeвЂ™s. You have a great alternative,вЂќ says the cityвЂ™s marketing materialsвЂњIf you rely on expensive check-cashing services, now. In a well known fact sheet in regards to the system, the town continues on to explain: вЂњPredatory financing and check-cashing methods exploit low- and moderate-income individuals by stripping very nearly $22 million from families and communities in Seattle alone.вЂќ
That style of language puzzles Moneytree CEO Dennis Bassford, whom wonders why efforts like that one have to justify on their own by вЂњdemonizingвЂќ their company. The services at Moneytree arenвЂ™t such a bad deal compared to how much the bank might screw you after all, for someone on the financial margins. Bassford points to a report by the ny Federal Reserve which noted that the $29 charge for a $150 bounced check represents an interest that is annual of 503 per cent. Continue reading