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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.”