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Research ArticleArticles

The Impact of Banking and Fringe Banking Regulation on the Number of Unbanked Americans

Ebonya Washington
Journal of Human Resources, January 2006, XLI (1) 106-137; DOI: https://doi.org/10.3368/jhr.XLI.1.106
Ebonya Washington
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Abstract

Thirty-five to 45 percent of low-income American households do not possess a bank account. This statistic coupled with claims of price gouging by check cashers has prompted government intervention. I find that state legislation requiring banks to offer low-cost accounts slightly decreases the number of low-income minority unbanked households, but only with a substantial lag. Caps on check-cashing fees also lead to a small, but more immediate, reduction in the number of unbanked among this population. Because price caps may lead to a reduction in supply, welfare effects are indeterminate.

  • Received July 2004.
  • Accepted June 2005.

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Journal of Human Resources
Vol. XLI, Issue 1
1 Jan 2006
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The Impact of Banking and Fringe Banking Regulation on the Number of Unbanked Americans
Ebonya Washington
Journal of Human Resources Jan 2006, XLI (1) 106-137; DOI: 10.3368/jhr.XLI.1.106

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The Impact of Banking and Fringe Banking Regulation on the Number of Unbanked Americans
Ebonya Washington
Journal of Human Resources Jan 2006, XLI (1) 106-137; DOI: 10.3368/jhr.XLI.1.106
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