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Unbanking of America : How the New Middle Class Survives (Hardcover) (Lisa Servon)

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An urgent, absorbing exposé—why Americans are fleeing our broken banking system in growing numbers, and how alternatives are rushing in to do what banks once did

What do an undocumented immigrant in the South Bronx, a high-net-worth entrepreneur, and a twenty-something graduate student have in common? All three are victims of our dysfunctional mainstream bank and credit system. Today nearly half of all Americans live from paycheck to paycheck, and income volatility has doubled over the past thirty years. Banks, with their high monthly fees and overdraft charges, are gouging their low- and middle-income customers, while serving only the wealthiest Americans. 

Lisa Servon delivers a stunning indictment of America’s banks, together with eye-opening dispatches from inside a range of banking alternatives that have sprung up to fill the void. She works as a teller at RiteCheck, a check-cashing business in the South Bronx, and as a payday lender in Oakland. She looks closely at the workings of a tanda, an informal lending club.  And she delivers fascinating, hopeful portraits of the entrepreneurs reacting to the unbanking of America by designing systems to creatively serve many of us.  Banks were once essential pillars of our lives; now we can no longer count on them to do right by us.

"Required reading for fans of muckraking authors like Barbara Ehrenreich, this fascinating look at the future of money management insists that the 'unbanked' are a sector deserving of respect and solid options."Publishers Weekly, starred review
Number of Pages: 250
Genre: Social Science, Business + Money Management
Sub-Genre: Social Classes, Sociology / General
Format: Hardcover
Publisher: Houghton Mifflin Harcourt
Author: Lisa Servon
Language: English
Street Date: January 10, 2017
TCIN: 51408590
UPC: 9780544602311
Item Number (DPCI): 248-20-5631
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$18.36
MSRPReg: $27.00 Save $8.64 (32% off)
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