Smearing local lenders
December 3, 2008 | alternatives, industry, media coverage, states | Comments (0)Seattle has launched a new program “Bank on Seattle-King County” to help the underbanked. As this great piece points out, part of their marketing campaign is aimed at smearing successful local companies:
In a fact sheet about the program, the city goes on to explain: “Predatory lending and check-cashing practices exploit low- and moderate-income people by stripping almost $22 million from families and communities in Seattle alone.”
That kind of language puzzles Moneytree CEO Dennis Bassford, who wonders why efforts like this one have to justify themselves by “demonizing” his business. After all, for someone on the financial margins, the services at Moneytree aren’t such a bad deal compared to how much the bank might screw you.
MoneyTree is a local Seattle-Takoma company that has been extremely civic-minded and lauded for being a great employer.
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