Banking desert

Banking desert is an area with inadequate banking services. Especially vulnerable to the issues associated with banking deserts are low-income residents and the elderly. If basic financial services are unavailable, residents become “vulnerable to predatory lenders and pricey check cashers”.[1] In the US, banking deserts are more often found in communities of color than they are elsewhere.[2] Banking deserts had been mentioned as early as the 1870s, by Tullio Martello and Augusto Montanari in their book, Stato attuale del credito in Italia e notizie sulle istituzioni di credito straniere, regarding Italian unification.[3] The term had also been used to describe the situation in Newfoundland and Labrador during the period of 1993 to 2003, when the Canadian provinces had lost 23% of its bank branches.[4]

References

  1. ^“‘Banking Deserts’ Spread Across Low-Income Neighborhoods”. NPR. 13 November 2013. Retrieved 16 May 2015.
  2. ^Watson, Andrea V. (27 October 2014). “Banking Desert Communities, More Blacks Live in Them”. Chicago Defender.
  3. ^Einaudi & 2008, p. 142.
  4. ^“Postal Banking to the Rescue in both Canada and the U.S.” Canadian Union of Postal Workers. 4 June 2014. Retrieved 16 May 2015.

Ofer Abarbanel online library

Ofer Abarbanel online library

Ofer Abarbanel online library