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Letter to Bank Regulators: Stop Bank Payday Lending

We write to urge the federal regulators of our nation’s banking institutions to just take instant action to stop banks from making unaffordable, high-cost payday advances.

Wells Fargo, United States Bank, Fifth Third, areas, and Guaranty Bank’s deposit “advance” loans are organized similar to loans from pay day loan stores – carrying a high-cost along with a short-term balloon payment. Analysis has long shown why these loans trap borrowers in a cycle of high priced debt that is long-term causing severe economic problems for borrowers, including increased probability of bankruptcy, having to pay charge card debts as well as other bills late, delayed health care bills, and lack of fundamental banking privileges as a result of duplicated overdrafts. Continuer la lecture