In April this year, the Bank On DC initiative was launched to help underbanked get bank accounts. Now, the Washington Examiner reports that Ward 3 Councilwoman Mary Cheh is proposing legislation that would limit how much check cashing companies can charge per transaction. New legislation would limit fees to 2% of all check or $4, whichever is greater (down from current 10% for personal checks and 5% for government checks).
Business officials are saying this would push check cashing companies out of the District. Barbara Lang, chief executive officer of the D.C. Chamber of Commerce also testified against the bill, saying legitimate check-cashing businesses shouldn’t be unfairly penalized for the wrongs committed by the financial service industry that caused the economic downturn. Lang exhorted the council not to consider profits a “four-letter” word.
Are you a check casher in DC? Are you feeling repercussions from Bank On DC? Would you move out of the district if fee revenue dropped dramatically? Share your opinion with us in the comments below.
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Always a good job right here. Keep rolling on troughh.