There is
complete transparency in the costs associated with our products
and services and virtually no barriers to accessing products and
services.
Hank Shyne, Executive Director, FiSCA
Hank Shyne, executive director of Financial Service Centers
of America (FiSCA), a check-cashing and payday-loan industry
trade association, believes the recent FDIC National Survey of
Unbanked and Underbanked Households (see
story) reinforces the need for non-bank neighborhood
financial service centers (FSCs). "As the FDIC survey indicated, FSCs are the
financial service providers of choice for millions of consumers,
for very sound money management reasons," Shyne said.
FISCA cites the ten reasons FDIC survey
respondents gave for why they closed their
bank accounts:
The FDIC survey revealed that more than one quarter (25.6 percent)
of all households in the United States are unbanked or underbanked.
"There is complete transparency in the costs associated with
our products and services and virtually no barriers to accessing
products and services," Shyne commented. "For these reasons our
customers value our services, as evidenced by an industry
customer satisfaction survey where more than 90% of respondents
rated both the value and price of our services from "good" to
"very good." They will continue to loyally patronize FSCs
because we are the only financial service providers dedicated to
meeting their needs."
FiSCA, founded in 1987, is the national trade association for
more than 6,500 individual financial service centers across the
United States.
