Payday Pundit

This time in the Houston Chronicle.  Reporter Carolyn Feibel begins her story:

They hide cash in their homes, dodge robbers who lurk about check-cashing stores, and shell out millions in fees to payday lenders and pawnshops. They are the “un-banked” of Houston, and there are tens of thousands of them.

Like many reporters, Ms. Feibel doesn’t understand the distinction between check cashing customers and payday loan customers.  ALL PAYDAY LENDING CUSTOMERS ARE BANKED! 

Sorry for screaming, but it is unteneble that reporters who are supposed to know the rudimentary facts of the subjects they cover keep making this mistake.   It’s not rocket science.  Checking cashing is for the unbanked; payday loans are for people who have checking accounts.