Topic: Banking

''Fees Help Drive Working Poor From Banks''

"'Hidden or unexpected' fees are the No. 1 reason given by the working poor for closing bank accounts, a recent study found. The study by the Safe Banking Opportunities Project, a project of the Pew Health Group, surveyed 2,000 predominantly low-income, Hispanic households in the Los Angeles area in a two-phase study. Study participants were screened and recruited through a door-to-door, interviewer-administered survey."

''Gotcha’ Fees Force Customers to Quit Banks''

"Hidden bank fees are pushing the working poor out of mainstream banking and into riskier, more expensive alternatives to managing their personal finances. A new study released by the Pew Charitable Trusts provides a stark snapshot of how banks’ embrace of sneaky fees hurt the most vulnerable consumers."

Los Cargos Ocultos O Inesperados Son Mencionados Como La Razón Principal Por La Cual Los Trabajadores Pobres Cierran Cuentas de Banco

Los "cargos ocultos o inesperados" fueron mencionados como la razón principal por la cual los trabajadores pobres del Gran Los Ángeles, aquellos que tienen empleo pero que incluso así permanecen en pobreza relativa, cerraron cuentas de banco el pasado año, por encima de razones como la pérdida del empleo o la falta de dinero, según una encuesta en hogares predominantemente hispanos y de bajos ingresos dada a conocer por el Safe Banking Opportunities Project (Proyecto Oportunidades para Banca Segura) del Pew Health Group.

Hidden or Unexpected Fees Cited as Top Reason Working Poor Close Bank Accounts

“Hidden or unexpected fees” were cited as the number one reason Greater Los Angeles’ working poor – those who are employed yet remain in relative poverty– closed bank accounts in the past year, surpassing job loss or lack of money, according to a survey of predominately Hispanic, low-income households released by the Pew Health Group’s Safe Banking Opportunities Project.

Slipping Behind

"Hidden or unexpected fees” were cited as the number one reason Greater Los Angeles’ working poor, those who are employed yet remain in relative poverty, closed bank accounts in the past year, surpassing job loss or lack of money, according to a survey of predominately Hispanic, low-income households.

Regulatory Comment: Defining Larger Participants in Certain Consumer Financial Products and Services Markets

This regulatory comment discusses the Consumer Financial Protection Bureau (CFPB) proposed rule on defining larger participants in certain markets related to related to consumer financial products and services. Based on work at the Pew Health Group by the Safe Small Dollar Loans Research Project and The Safe Checking in the Electronic Age Project on small dollar loans and checking accounts, we urge the CFPB to issue an initial rule broadly covering nondepository markets. The rule should permit comprehensive supervision by the CFPB. The CFPB's supervisory authority must be broader than its rulemaking authority because examination of the market informs rulemaking needs.

''Consumers Hold High Hopes for New Bureau''

''If you've ever thought someone was playing fast and lose with the rules on your credit cards, credit score or mortgage, but you had no idea where to go with your complaint, you now have a place to turn.''

''To Bank Or Not To Bank''

"A new study from the Pew Health Group shows a growing number of low income and minority families are using alternative financial services instead of the traditional banking system."

''Many shun bank accounts but pay more for financial services''

"Unbanked and underbanked consumers are also less likely to save, says Eleni Constantine, director of the Pew Health Group's Financial Services Portfolio. In a survey of low-income Los Angeles households, Pew found that more than twice as many consumers who had bank accounts said they were earning enough to pay their bills and save for the future than those who didn't have bank accounts."

Pew Health Group Report Measures Financial Habits of Low-Income Families in Greater Los Angeles

Half of low-income families in Greater Los Angeles turn to costly and unregulated alternative financial services (AFS) rather than banks to meet their monetary needs, according to a new survey released today by the Pew Health Group’s Safe Banking Opportunities Project.

''Report Measures Financial Habits of Low-Income Families''

"Half of low-income families in Greater Los Angeles turn to costly and unregulated alternative financial services (AFS) rather than banks to meet their monetary needs, according to a new survey released today by the Pew Health Group’s Safe Banking Opportunities Project"

Unbanked By Choice

This study compares banked and unbanked families across several categories including financial behavior, economic status and perceptions of the financial service industry.

Regulatory Comment: National Unbanked and Underbanked Household Survey

The Pew Health Group’s Safe Banking Opportunities Project responds to the FDIC’s request for comment, published at 75 FR 20357, (April 13, 2010) on potential changes to the survey instrument for the National Unbanked and Underbanked Household Survey.

''Programs aim to aid 'unbanked'''

"Dozens of cities are launching programs to sign up low income people as customers at commercial banks so they can avoid the high fees typical of check cashing stores and payday lenders."

''City’s Poor Still Distrust Banks''

"In 1986, when the Lower East Side had just one bank in a 100-square-block area, the high numbers of residents without bank accounts alarmed the city but did not surprise anyone. In the years since, the number of bank branches has skyrocketed, with the big names compelled to open in underserved areas."

''The Business of Poverty''

On PBS' Bill Moyers Journal, Safe Banking Opportunities project director Matt Fellowes spoke about financial products and services utilized by lower-income consumers, the market opportunity in serving these households, and how it can be improved to benefit both these consumers as well as the businesses serving them.

''Banking on the previously unbanked''

"In the wake of the financial crisis, it's a challenge to figure out which banks to trust with your money. According to a new Gallup poll this week, our confidence in the banking system is pretty low to say the least. A record low 22 percent in fact."

''New program encourages low-income L.A. residents to open bank accounts''

"Nearly 300,000 Los Angeles households do not have a bank account, more than in any other U.S. city, Mayor Antonio Villaraigosa acknowledged at a news briefing Tuesday."

''Practical Benefits Drawing Bankers to Unbanked Effort''

"When San Francisco was establishing a program three years ago to move unbanked consumers into the financial mainstream, banks and credit unions signed on because "it was a good political opportunity to generate good will," said Matt Fellowes."

Pew Joins Gov. Arnold Schwarzenegger, California Mayors to Launch “Bank On” Initiative

At an event today in California, The Pew Charitable Trusts’ Safe Banking Opportunities Project joined Governor Arnold Schwarzenegger, California mayors and banking officials in announcing a new statewide program to bring more of the state’s residents into the financial mainstream. The state’s “Bank On” initiative aims to connect the “unbanked”—households without bank accounts—to appropriate, more affordable accounts that help lower their financial transaction costs and put them on the path to building savings and assets.

Converting Basic Financial Services Fees into Prosperity

12 percent of California households lack a bank account and pay fees to cash checks and pay bills, adding up to $700 annually for the typical unbanked household. The majority of these households appears to be qualified for bank accounts, but is either misinformed about the relative cost of banks or distrustful of them.

''Check Cashers, Redeemed''

"Twenty or thirty years ago, traditional financial institutions fled neighborhoods like Watts, and guys like Tom Nix, co-founder of the biggest chain of check cashers and payday lenders in Southern California, rushed into the vacuum."

''Tracking 'fringe banking'''

"The alternative financial services (AFS) industry has attracted a lot of attention lately. Virtually nonexistent in this country 20 years ago, it has grown into a $100 billion business."

''And now, a fee to pay your bill''

"As companies strive to keep listed prices low and earnings high, fees have become a quick and handy back-end way to raise revenue."

Pew Partners with State and City Officials to Help Low- And Moderate- Income Households Secure Bank Accounts

The Pew Charitable Trusts’ Safe Banking Opportunities Project is supporting a rapidly growing group of state and city governments that are launching campaigns to bring more Americans into the financial mainstream.

Pew to Promote Fair Bank Account Standards

The Pew Charitable Trusts announced a new project today, aimed at helping America’s workers underserved by mainstream financial institutions secure access to safe, affordable, fair, and empowering bank accounts.

''Pew to Promote Fair Bank Account Standards for 'Underserved'''

"The Pew Charitable Trusts have announced a new project aimed at 'helping America's workers underserved by mainstream financial institutions secure access to safe, affordable, fair, and empowering bank accounts."