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Banking the poor

Citibank has announced a new account focused on delivering banking services to the unbanked.

In a paper to be published in the Yale Journal on Regulation in January, Michael S. Barr, Assistant Professor of Law at The University of Michigan, and an expert on the topic of the unbanked, said, “Access to basic financial services is critical to success in the modern American economy.” In the article, he notes that debit-card based accounts “may be particularly suited to low income, unbanked persons” and that pursuing these kinds of strategies can help to “transform financial services for low-income persons.”

A version of Barr’s paper on Banking the Poor (PDF) is available online.

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