Fortune, June 8, 1998 ... Where Cash is King
Page 201. "Processing some $60 billion worth of payroll and government checks each year, the industry's 6,000 stores today often charge hefty fees."
"With paperless transactions and new technologies threatening to take some of their customers away, check cashers are getting bolder. On the hunt for more ALICs (industry lingo for people who are 'asset limited, income constrained'), they are heading for the suburbs. They are installing ATMs and bill-payment center in their stores, which, frankly, are beginning to look more upscale."
Page 202. "Of the industries roughly 6,000 stores, one-third are operated by six companies, led by publicly traded Ace Cash Express ..."
Page 204. "(Patrick Fletcher, Tampa construction worker) ... belongs to the country's growing ranks of 'unbanked' or 'marginally banked' citizens - some 13% of the population, or 34 million people, who for one reason or another live mainly on a cash basis."
Page 208. "Ace is the industry's largest operator, with 746 stores in 26 states and Washington D.C."
"Other earnings boosters, such as prepaid local phone service and bill-payment services, are being introduced in most stores."
"Donald Neustadt, the company's CEO ... is unapologetic about the nature of his business. 'Ace's products cater to the need-driven customer,' he says. 'Our goals and those of our critics are really the same: to create an expanded array of financial service offerings.' "
Ace Cash Express (AACE)
acecashexpress.com
chart5.bigcharts.com:80/report?r=qchart&onbad=qbadsymbol&country=us&symb=aace&sid=9592&sec=c&xyz=41357750&s=12175
National Check Cashers' Association might be another lead.
Hope this helps. Best of luck. |
