Tuesday, February 24, 2009

Money Transfers and Check Cashing on Clark

I had never seen these businesses before I moved to Chicago. Cash transfers are everywhere in Rogers Park. A large percentage of wages made in Chicago are sent back to families in Mexico and South America. I understand this is a huge source of cash for Mexico, and that the current downturn has choked off many of the transfers.

These businesses aren't regulated as closely as banks, and I always suspect that they take advantage of low income workers, especially the undocumented. Not sure this one can get any more signs on this building.

1 comment:

  1. I had never seen currency exchanges until I moved to Chicago (from Cleveland, Ohio). Seemed like there was one on every block. I was told it was because way back when, Illinois prohibited branch banking -- there were no ATM's from which to get your cash.