Whom Knew? Banks Could Be Worse Than Payday Lenders

Whom Knew? Banks Could Be Worse Than Payday Lenders

Overdraft charges or a cash loan at a bank can create charges comparable to payday advances.

A recently available report from Moebs Services unveiled some really good news for banking institutions: Despite legislation made to restrict overdraft costs by simply making them more clear, banks racked up charges totaling $32 billion just last year. Unsurprisingly, the greatest banking institutions had been discovered to charge the absolute most because of this solution. Nevertheless, another very enlightening bit of information arrived on the scene within the research, also — the truth that numerous overdraft users rely on payday loan providers to pay for overdrafts, given that they really charge not as much as banks for short-term financing.

Overdraft charges: more widespread than you imagine After banking institutions like JPMorgan Chase (NYSE:JPM) , Bank of America (NYSE:BAC) , U.S. Continue reading