Payday lending and check
cashing services can take a very high toll on the incomes of low and
moderate income people. National studies show that most customers of
check-cashing businesses earn less than $30,000 annually and that about
81% of customers that enter into "payday" loans earn less than
$50,000 a year. According to a recent Fannie Mae study, a $20,000
income household pays an average of $800 in check cashing fees
annually.
Bank on Yakima County seeks to offer a low-cost affordable option to
these financial services.
