Bank deposit improvements are payday advances in disguise

Bank deposit improvements are payday advances in disguise

In a current op-ed, customer Bankers Association President Richard search asserts that bank payday advances had been an ongoing service to customers and argues they must be restarted. The reality, though, show that while these loans produced huge costs for banks, these people were an usurious financial obligation trap for bank customers.

Just a couple of years ago, banking institutions had been making APR that is 200%-plus payday, that they euphemistically called “deposit advance services and products. Continuar leyendo “Bank deposit improvements are payday advances in disguise”