The Unbanking of America: How the New Middle Class Survives by Lisa Servon

Into the Wild

Read The Unbanking of America: How the New Middle Class Survives Online Free - 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.



Title : The Unbanking of America: How the New Middle Class Survives
Author :
Rating :
ISBN : 0544602315
Edition Language : English
Format Type : Hardcover
Number of Pages : 272 pages


Reviews


Andrew rated it ★★★★☆

January 13, 2017

As someone who spent his whole working life in the employ of a large retail bank in the UK, the title of this book intrigued me. How could anyone considered to be middle class (almost regardless of the precise definition) survive without using a bank? Well, in this book Lisa Servon (Professor of...


The Pfaeffle Journal rated it ★★★★☆

April 03, 2017

The Unbanking of America: How the New Middle Class Survives was very interesting, I like many people look at check cashing and payday loan operations as near criminal. Lisa Servon, begs to differ, she takes us on a imitate look at how these companies function with the communities they serve. We h...


Jen rated it ★★★★★

February 18, 2017

Wow. That's all I have to say. Banks and credit card companies are possibly more evil than payday lenders and check cashiers, despite what the media says. Who knew? Well, if you believe the media, I have a bridge to sell you. But I digress. Now, just to be fair, the author isn't saying banks and cr...


Biblio rated it ★★★★★

December 18, 2016

Any thoughts on payday loan stores? I had it all figured out, that they are a scourge that should be eliminated immediately. Then I read The Unbanking of America, and I had to change my mind. First off, Lisa Servon differentiates the payday loan providers from the check cashing and money wiring s...


Mary rated it ★★★★★

January 11, 2017

It's not often you find a book that educates while delivering a strong, personal narrative. The author shows how the banking industry has become a haven for the wealthy and through her own personal experiences working at a check cashier and payday lender introduces us to middle class Americans wh...


Rachel rated it ★★★★☆

February 02, 2017

This is really a 3.5 rating. I learned of this book when the author was interviewed on Fresh Air. The first half of the book is great, chronicling her time working in the alternative financial services market. It was really insightful to learn why people, acting as rational actors, use check cash...


Athan rated it ★★★★★

May 11, 2017

The Unbanking of America is better than a treatise on US consumer financial services has any right to be. Author Lisa Servon, a university professor, has dedicated a large part of her life to this book, exploring “unbanked” America from every possible aspect: the data (which she found inadequate)...


Nathan rated it ★★★★★

February 09, 2017

Lisa Servon’s timely new book, The Unbanking of America, explains how and why Americans are using “alternative financial service providers” to circumvent traditional banks. The how is told through her engaging first hand account of working at check cashers and retail payday loan establishments. T...


John rated it ★★★★☆

June 19, 2017

Solid deep dive into why millions choose to spend what might seem to be crazy interest rates on check cashing and payday loans (they get money faster and are cheaper than mainstream banks with shady hidden fees). I love the hands on approach and interviews to help dig into the problem with real li...


David rated it ★★★☆☆

February 26, 2017

I was drawn to this book by its title, cover picture (a jar of loose change will always get me to at least take a closer look) and its availability on my library's e-lending system. It's not a polemic against major banks and credit unions (maybe more of a mild rebuke) so much as an insight into al...





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