Unbanking of America: How the New Middle Class Survives

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.

O expunere urgenta si absorbanta - de ce americanii fug din sistemul nostru bancar in numar crescut si cum alternativele se grabesc sa faca ceea ce au facut odata bancile. Ce face un imigrant fara documente din South Bronx, un antreprenor cu valoare neta si un student absolvent de douazeci de ani are in comun? Toate cele trei sunt victime ale bancii noastre principale disfunctionale si ale sistemului de creditare. Astazi, aproape jumatate din toti americanii traiesc de la salariu la salariu, iar volatilitatea veniturilor s-a dublat in ultimii treizeci de ani. Bancile, cu taxele lunare ridicate si cu taxele de descoperit, isi scot clientii cu venituri mici si medii, in timp ce deservesc doar cei mai bogati americani. alternative bancare care au aparut pentru a umple golul.