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In the Red : overdrafts, payday lending and the underbanked. / Marco Di Maggio, Angela T. Ma, Emily Williams.
Author
Maggio, Marco Di
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Format
Book
Language
English
Published/​Created
Cambridge, Mass. : National Bureau of Economic Research, 2020.
Description
1 online resource (ix, 45 pages) : illustrations.
Details
Subject(s)
Econometric models
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Author
Ma, Angela T.
[Browse]
Williams, Emily
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Series
Working paper series (National Bureau of Economic Research) ; no. 28242
Summary note
The reordering of transactions from "high-to-low" is a controversial bank practice thought to maximize fees paid by low-income customers on overdrawn accounts. We exploit multiple class-action lawsuits resulting in mandatory changes to this practice, coupled with payday lending data, to show that after banks cease high-to-low reordering, low-income individuals reduce borrowing from alternative lenders. These consumers increase consumption, experience long-term improvements in overall financial health, and gain access to lower-cost loans in the traditional system. These findings highlight that aggressive bank practices create a demand for alternative financial services, highlighting an important link between the traditional and alternative financial systems.
Bibliographic references
Includes bibliographical references.
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Description based on publisher supplied metadata and other sources.
Statement on responsible collection description
Princeton University Library aims to describe library materials in a manner that is respectful to the individuals and communities who create, use, and are represented in the collections we manage.
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