City Limits Where Credit Is Due Onetime enemies unite to bring banking back to the Bronx. By Kathleen McGowan Parasites of the poor. Loan sharks armed with a license and a trade association.
Check cashing places have some serious p.r. problems.
A lot of very vocal people consider a check casher to be one small step up from a pawn shop and only a hairsbreadth away from a swindler. Community development credit unions, on the other hand, are exalted as the saints of the urban financial services world, noble nonprofits devoted to serving poor and working-class customers. Frequently based out of churches or neighborhood organizations, they are founded on the principles of good works and good morals, helping people of meager means into sensible thrift. Once their controversial plan is in place, the check cashers will begin offering low-cost services to Bethex members throughout the Bronx. Instead of traveling all the way to the credit union's main branch on Jerome Avenue in order to cash or deposit checks, members will be able to drop by any one of eight check cashing stores.