ECONOMIC JUSTICE: Reverse Robin Hood – Six billion dollar businesses preying on poor people

Bill Quigleyby Bill Quigley
Pax Christi USA Teacher of Peace

Many see families in poverty and seek to help. Others see families in poverty and see opportunities for profit.

Here are six examples of billion dollar industries which are built on separating poor people, especially people of color, from their money, the reverse Robin Hood.

Check Cashing Businesses

predatory-lendingCheck cashing businesses. Cash a $100 check? At Walmart that will be $3. At TD bank non-customers pay $5 to cash a check from their bank.

Nearly 10 million households containing 25 million people do not have any bank account according to the FDIC. Most because they did not have enough money to keep a minimum balance in their account.

Check cashing business are part of a $100 billion industry of more than 6,500 check cashing businesses in the US, many which also provide money orders, utility bill payments and the like, according to testimony provided to Congress by the industry…

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