Why it costs so much to be poor in America

Re:Why it costs so much to be poor in America by natecavanaugh on Friday January 26, 2018 @06:03AM (#16238298)

Speaking specifically to the urban scourge of check paying places, I wonder if there would be space for a paycheck cashing place that kept half of those 20%+and set it in a small interest bearng account, and they'd have a vesting schedule before they should remove their savings (and percent incentives for them to stay, since the bigger the pot, the more rewards all around).

I think this might be an industry that could help mitigate some social ills, not just prolong or exacerbate them.

Are there any good gaps in my view that I'm not seeing?

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Re:Why it costs so much to be poor in America by kaycebasques on Friday January 26, 2018 @12:40PM (#16241103)

So, you're proposing a check deposit company that still takes a big chunk of the deposit, but sets aside half of that chunk in a savings account for the depositor?

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Re:Why it costs so much to be poor in America by natecavanaugh on Friday January 26, 2018 @10:57PM (#16244775)

Yep, exactly that. Maybe a smaller chunk, to be competitive, but ultimately to profit by helping people rather than perpetuating a cycle of debt.

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