Word: banuestra
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...houses in the sprawling suburbs north of Atlanta. He lives paycheck to paycheck and often has nothing left over at the end of each week. So on Friday nights, when Alvarez-Rosales, 21, goes to cash his check, he pulls into the parking lot at the Norcross branch of Banuestra, an alternative financial institution aimed at serving the estimated 40 million adults in the U.S. without bank accounts. For him, every dollar counts, and compared with the 24-hour Atlanta Check Cashers outlet down the road, which charges a 3% fee to cash a payroll check, Banuestra is a bargain...
...Banuestra is one of the new breed of financial-service providers--which now include Wal-Mart--that aim to marry the convenience of a check casher with the relative security of a bank. By offering lower basic check-cashing fees along with debit cards and reasonably priced consumer loans, these businesses hope to pocket a chunk of the more than $10 billion in fees that check cashers, payday loaners and pawn shops collect each year. Long ignored by traditional financial institutions, the unbanked get their modest earnings shaved even thinner by the high fees they pay simply to cash their...
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