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The Servant Class CityUrban Revitalization Versus the Working Poor in San Diego$
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David J. Karjanen

Print publication date: 2016

Print ISBN-13: 9780816694624

Published to Minnesota Scholarship Online: May 2017

DOI: 10.5749/minnesota/9780816694624.001.0001

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Asset Poverty and the High Cost of Fringe Banking

Asset Poverty and the High Cost of Fringe Banking

Chapter:
(p.183) 7 Asset Poverty and the High Cost of Fringe Banking
Source:
The Servant Class City
Author(s):

David J. Karjanen

Publisher:
University of Minnesota Press
DOI:10.5749/minnesota/9780816694624.003.0008

The seventh chapter looks more closely at the challenges and costs of the lack of financial institutions within an inner city, and what the implications are for asset accumulation and economic stability. Despite a plethora of large banking establishments in the downtown area and a good concentration of retail banks, poorer adjacent neighborhoods in central San Diego have a dearth of retail banking. Financial services are available, but they are what are sometimes called “fringe banking.” These businesses typically have higher costs than conventional retail banks, but are often the only means that the urban and working poor can access financial services. Since obtaining critically important assets are critical for the urban poor, having a well-functioning financial services system to aid in this is crucial. Unfortunately, this is not the case.

Keywords:   Finances, Financial service systems, Banks, Urban poor, Working poor, Labor market, America, San Diego

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