By PopTech, February 21, 2014
When he was growing up in San Diego, Francisco Cervera’s family sometimes struggled like so many American families do today. Money was tight. Unpredictable, sometimes-volatile expenses made saving money virtually impossible. “We were pretty close to being poor, if if not poor,” Cervera remembered.
Since his mother worked, after school Cervera would walk to his aunt’s house. He recalls people coming and going at her house on some of those afternoons, often dropping off money.
These were not untoward transactions going on.
Cervera’s aunt was a coordinator in what is sometimes called a money pool. “She was in charge of calling people and making sure they stop by and drop off the money,” he said. “That is the way it is still done.”
An old-fashioned alternative to banking!
I had to dig for the source, but you can find it online here.
Money pools: a centuries-old savings tool reinvented