Statement I: Check-cashing outlets generally charge customers one to three percent of the value of their checks.
Statement II: The poor pay a lower percentage of their income for banking services (i.e. ,check-cashing and writing checks and money orders)than the relatively well-to-do.

Question

Quizplus · Accepted Answer

Statement I is true, as check-cashing outlets usually charge customers a percentage of the check value as a fee for their services. Statement II is false, as studies have shown that the poor spend a higher proportion of their income on banking services than wealthier individuals, due to a lack of access to traditional banking options and higher fees associated with alternative financial services.

Statement I: Check-Cashing Outlets Generally Charge Customers One to Three