THE RISE OF FRINGE FINANCIAL SERVICES IN WINNIPEG'S NORTH END: CLIENT EXPERIENCS, FIRM LEGITIMACY AND COMMUNITY-BASED ALTERNATIVES
Jerry Buckland, Thibault Martin, Nancy Barbour, Amelia Curran, Rana McDonald, Brendan Reimer

This report documents research undertaken on fringe financial services -pawnshops, cheque-cashing firms, pay-day lenders, rent-to-own firms, tax refund advancers, finance companies and 'white-label' automatic teller machine- in Winnipeg's North End over the past year. The report explores client experiences with fringe banks, it examines the issue of fringe bank legitimacy and it develops a model and provides a preliminary feasibility assessment of an alternative model to fringe banks for low-income people. The research project, rooted in a community-identified issue, has generated a significant understanding of the social and economic impacts of fringe banking in the North End. The research methods included interviews with clients and key-informants, sample transactions and outlet follow-up and focus group discussions. The research objectives were threefold: to understand the motives and experiences of North End fringe bank clients; to determine if fringe bankers overcharge their clients; and to develop a model, and complete a pre-feasibility assessment of a consumer financial services outlet that could offer an alternative to existing fringe banks.

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October 2003, 229 pages

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