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Savings for the Poor: The Hidden Benefits of Electronic Banking by Michael Stegman (Paperback, 1999)

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Subtitle The Hidden Benefits of Electronic Banking. It is a must read for anyone interested in ways to alleviate poverty and to achieve a greater degree of economic well-being in our country.". --Senator Joseph I. Lieberman, Democratic Senator from Conneticut.

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At the beginning of 1999, federal payments began to be made via electronic funds transfer (EFT); the motive behind this move was a drive towards efficiency and cost-cutting. In this text, the author argues that the initiative has a far broader potential: to bring poor Americans into the banking mainstream. Savings for the Poor outlines how many families w ill enter the mainstream system through EFT'99, as the programme is called. Stegman proposes that it be combined with a programme of national Individual Development Accounts (IDAs) - dedicated savings accounts for low-income people that can be used for purchasing a first home, acquiring more education or job training, or starting a small business.