Jimmy Cerone
@jrcii
Software Dev who loves to write, read, and hang with doggos.
Jimmy Cerone
Mormons, Cowboys, the Wild West of Women's Rights
matriarchyreport.substack.commatriarchyreport.substack.comThe continued march of direct deposit and earned wage access products keeps more of the wage pie in the pockets of workers, even those in diminished circumstances.
Bits about Money • The Business of Check Cashing
Another model is embedding the check cashing into a larger suite of services. Cash App is a notable standout here (and, IMHO, probably the most interesting financial product the tech industry has created for the un-/underbanked.) On the backend, Cash App has simply convinced a bank to have a wider risk envelope as part of the price for working with
... See moreBits about Money • The Business of Check Cashing
Huh. Interesting. I need to think more on this company.
That bank does not cash the daily envelope of checks for free, either. It had a consequential commercial negotiation which took notice of the business’ risk profile, high operational costs associated with their custom, and the near certainty that they would be very annoying to work with. The bank ultimately quoted a price per check and, very likely
... See moreBits about Money • The Business of Check Cashing
Oh so this is a middle man and this markup occurs.