Savings for the Poor: The Hidden Benefits of Electronic Banking

Stegman (public policy; director of the Center for Community Capitalism, University of North Carolina-Chapel Hill) explains the thinking behind the shift to electronic funds transfer (EFT), the direct deposit of federal benefit checks. He provides an analysis of why low-income people and banks have not established relationships with one another, and how EFT’s implementation must take this into account. He argues that the advantages of bank accounts and savings should be available for all. Annotation c. Book News, Inc., Portland, OR (booknews.com)