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Exactly why is the City Pissing on Moneytree?

Exactly why is the City Pissing on Moneytree?

  • by Mark D. Fefer
  • Information & Comment

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Seattle-based check-cashing and payday-loan chain Moneytree is really a homegrown success story that’s made great strides in changing the shady trustworthiness of its industry, as Laura Onstot described in a SW address tale final springtime (“i’ve a Scheme,” March 12).

Plus some many thanks it gets!

The town of Seattle recently established a brand new program called “Bank on Seattle–King County,” whose express function is to find visitors to start bank reports and prevent utilizing solutions like Moneytree’s. You have a great alternative,” says the city’s marketing materials“If you rely on expensive check-cashing services, now. In a well known fact sheet in regards to the system, the town continues on to explain: “Predatory financing and check-cashing methods exploit low- and moderate-income individuals by stripping very nearly $22 million from families and communities in Seattle alone.”

That style of language puzzles Moneytree CEO Dennis Bassford, whom wonders why efforts like that one have to justify on their own by “demonizing” their company. The services at Moneytree aren’t such a bad deal compared to how much the bank might screw you after all, for someone on the financial margins. Bassford points to a report by the ny Federal Reserve which noted that the $29 charge for a $150 bounced check represents an interest that is annual of 503 per cent. Meanwhile, the maximum that a location like Moneytree may charge for the loan that is payday Washington state is 391 per cent. Therefore it, you’re better off heading to Moneytree than overdrawing a bank account if you’ve got a payment to make today, but are two weeks away from having the funds to cover.