Ryan Mack, one of my trusted lieutenants of Operation HOPE, told me recently of someone he spoke with who, after being approved for a $85,000 home equity loan, took the check — to a check casher (because crazy enough, she did not have a bank account).
The check casher charged her — a $7,500.00 fee for doing nothing but giving her back her own money. And adding insult to injury, the original check was drawn on a major bank, meaning cashing check with almost no risk associated to.
This example, and others like it, breaks my heart. And I hear them all the time.
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John Hope Bryant