AHRM 2304 Lecture 5: AHRM Feb 14
16 Feb 2017
School
Course
Professor
Document Summary
Unbanked: no checking account: 17 million americans are unbanked. Underbanked: supplement their bank account with alternative financial services: check cashing companies, payday loans, title loans, tax refund advances. In both categories, consumers often turn to nonbank financial products. 6 reasons why some individuals are unbanked or underbanked. Blacklisted by major banks: may owe a bank some money. Young consumer: aren"t aware of their options. To avoid debt collectors: track people down, especially if they owe money. Fed-up with fees: free checking accounts are rarely free. Monetary asset: cash and low-risk, near-cash items that can be readily converted to cash with little or no loss in value, 3 ways to use: Monetary asset management: cash management encompasses how you handle your monetary assets, goal is to maximize interest earnings and minimize fees while keeping funds safe, liquidity and safety. How quickly and easily your assets can be converted to cash. Depository institutions: commercial banks, credit unions.
