July 28, 2007, on this blog: Bailey 1, Potter 0
I’d like to see check-cashing outlets and other payday lending outfits required to display:
1) The clear-language cost of cashing a check, expressed as a percentage and with a range of examples for various amounts. This would have to be displayed prominently, and I would include Broadway/Samuel French-style requirements for font and poster sizes. I’m picturing rules that would result in day-glo orange posters behind every check-cashing counter with six-inch high bold block letters stating: “WE TAKE X% OUT OF EVERY CHECK WE CASH.”
2) A prominently placed informational kiosk, similar to those found in hotel lobbies or highway rest stops, with information on local banks and credit unions offering low-minimum balance and free checking accounts. I’d require a sign above this kiosk reading, “OPEN AN ACCOUNT AND CASH CHECKS FOR FREE.”
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