- Published: Tuesday, March 13, 2018 09:07 AM
SPRINGFIELD – A rate hike on check cashing services will be lower than originally proposed, and rates for those on public assistance will become lower, under a compromise reached today.
State Senator Jacqueline Collins joined activists from a number of groups pushing against a higher proposal at a press conference today to thank advocates and explain the impact of new rates.
“Today is a good day for unbanked households, which are disproportionately lower-income, African-American, Hispanic and working-age people with disabilities,” said Collins (D-Chicago). “working with the Woodstock Institute and other consumer advocates, we were able to protect consumers from an across-the-board double-digit increase on the maximum fees that could be charged for check-cashing by Currency Exchanges. Most importantly, public assistance checks will see a rate decrease. We must continue to reform a system where those with the least pay the most.”