Filling a market niche
January 7, 2010 | Idaho, industry | Comments (0)CFSA’s D. Lynn DeVault has a great letter-to-the-editor in today’s Idaho Statesman:
The FDIC mistakenly characterizes as “underbanked” any household that has a bank account but used an alternative financial service, such as a payday loan. Findings show that customers use payday loans for multiple reasons, including convenience and because it “feels more comfortable than a bank.” Just because an adult with a bank account chooses to use an alternative financial service does not necessarily mean they are being underserved by their bank or are “underbanked.”
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