I want to disrupt the check cashing industry. It’s a drug dealing enterprise disguised as financial services. Let’s get families out of the cycle of depending on this industry and cash.
TODO list to get started:
– Get families living at the poverty level setup with a local bank account so they can convert paychecks or other income into a manageable account. The local bank component is critical to broker a relationship between people who need this service and banks who should get to know and invest in their immediate communities.
- Through the use of a local bank account educate poverty level families on sustainable personal finance practices.
- Moving poverty level families dependent/addicted to cash into using a local bank account is a significant culture change. Advocacy could start with a joint campaign lead by local bankers and rental property owners, who take the largest percentage of their income.
- Other advocacy partnerships could be with grocery stores, community centers, libraries, churches. Then follow up with family support groups who help poverty level families make the transition.