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Major Banks Aid in Payday
Loans Banned by States
New York Times, by Jessica Silver-Greenberg
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Original Article
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Posted By:LittleHoodedMonk, 2/24/2013 5:40:54 PM
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| Major banks have quickly become behind-the-scenes allies of Internet-based payday lenders that offer short-term loans with interest rates sometimes exceeding 500 percent. (Snip) While the banks, which include giants like JPMorgan Chase, Bank of America and Wells Fargo, do not make the loans, they are a critical link for the lenders, enabling the lenders to withdraw payments automatically from borrowers’ bank accounts, even in states where the loans are banned entirely. In some cases, the banks allow lenders to tap checking accounts even after the customers have begged them to stop the withdrawals.
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Comments:
These ads sound like a breed of professional loan sharks on the radio, especial during tax season. Glad that states are banning them. Where´s Congress? Isn´t this their venue?
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Reply 1 - Posted by:
4Justice, 2/24/2013 5:55:29 PM (No. 9193970)
Yes, the interest rate is high, but sometimes it is the only way people can get an emergency loan. I use them and they have saved my life many times. Yes, it is almost like going to a loan shark, but it is much safer and legal. Say what you want, but these companies are doing some folks a service. I hope they are not all banned. It will end up hurting a lot of folks.
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Reply 2 - Posted by:
Country Boy, 2/24/2013 6:03:20 PM (No. 9193980)
Seems to me that Banks are more a target than a beneficiary of current scams.
Wasn´t that long ago, if you defaulted on your debts to a bank, you went to jail. It was called Debtors Prison. The entire continent of Australia was originally a debtors prison.
Now, if you can´t pay your debts, it´s the banks fault. Go figure.
Times change, and now not for the better.
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Reply 3 - Posted by:
JAN, 2/24/2013 6:06:17 PM (No. 9193984)
And in a major gift to the banks, ALL social security payments must be made to a bank. No longer will checks be sent in the mail.
The recipient will have a debit card from the bank.
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Reply 4 - Posted by:
secondtimelucky, 2/24/2013 7:32:55 PM (No. 9194078)
The recipient of a payday loan has given account and routing numbers and withdrawal authorization to the lender. I don´t imagine these lenders could access accounts without that. If they´re taking back their loans with prior autho, what is illegal??? If they´re withdrawing more than is due, that´s another issue. But this isn´t that.
Per the article, one borrower was working with 6 online lenders. I believe the agreement between a lender and borrower stipulates that they can snag their payment any time after day X - which would likely be whenever you tell them there are funds in the account. If you´re paid on the 1st and 15th, or once a month - that´s when they´re going to get their money. The bigger problem is that these people are going from one lender to the next and paying one with the proceeds of the other - sooner or later the plates stop spinning and crash to the floor of the stage...
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Reply 5 - Posted by:
lylacat, 2/24/2013 10:10:40 PM (No. 9194217)
If people apply for these loans knowing the interest is very high, and they agree to pay this money back. It is as simple as that. What makes these people think the bank should not give the money to the lender when it is owed. Child support payments should not be exempt. If you owe the money, you should be forced to pay it back. We live in this country where everyone thinks they are entitled to have anything they want and they should not have to pay for any of it.
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Reply 6 - Posted by:
ColonialAmerican1623, 2/24/2013 10:53:25 PM (No. 9194256)
Banks are always the good guy, much like the gov, aren´t they ?
Payday loans are nothing compared to pawn shops in our Obummmer world. It seems they were left out of payday loan laws.
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Reply 7 - Posted by:
Trigger2, 2/25/2013 1:17:16 AM (No. 9194347)
The mentioned banks are all huge demonrat poltical bundling kitties for demonrats. Now you know where they get their money from while claiming they had nothing to do with these shark loans. Quid Pro.
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Reply 8 - Posted by:
uscgretired99, 2/25/2013 4:30:53 AM (No. 9194421)
I worked the numbers from the Indian Reservation loan for 10K, it was 84 months at 749.ish per month. yikes!!! 62,916.00 payback, loan sharks would be proud!!!
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The Obama White House is scrambling to blame Friday’s abysmal March jobs numbers on the sequester’s trimming of the rate of growth in federal budgets that have yet to fully commence. After the Labor Department announced that a mass exodus of 663,000 workers left the U.S. workforce last month and that job creation fell 112,000 jobs short of projections, Obama’s top economic adviser Alan B. Krueger, took to the White House blog to blame the sequester: It is important to bear in mind that the March household and payroll surveys are the first monthly surveys to look
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Susan Patton, the Princeton alumna who became famous for her letter urging Ivy League women to use their college years to find a mate, has been denounced as a traitor to feminism, to coeducation, to the university ideal. But really she’s something much more interesting: a traitor to her class. Her betrayal consists of being gauche enough to acknowledge publicly a truth that everyone who’s come up through Ivy League culture knows intuitively —
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Posted By: Fiesta del sol- 4/6/2013 8:20:04 AM
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Beyonce and Jay-Z celebrated their fifth wedding anniversary in Cuba this week. The couple, who married on April 4, 2008, took in the sights of Old Havana, visited a school, dined on a rooftop terrace and strolled the fan-filled streets in their island best.(snip).The power couple declined to answer journalists´ questions about their visit to the island nation, but some outlets are reporting that the moguls are there as tourists, though that would be illegal because of the half-century embargo the U.S. has on the Communist country. However, the Miami Herald said Washington has issued special licenses for
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Breitbart´s Big Government, by Tony Lee
Original Article
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Posted By: Desert Fox- 4/5/2013 9:40:39 PM
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The budget President Barack Obama will submit on April 10 will contain a proposal that would prohibit individuals from accumulating more than $3 million in Individual Retirement Accounts (IRAs) and tax-preferred retirement accounts. According to a White House statement, the Obama administration believes the current rules allow some wealthy individuals "to accumulate many millions of dollars in these accounts, substantially more than is needed to fund reasonable levels of retirement saving." "The budget would limit an individual’s total balance across tax-preferred accounts to an amount sufficient to finance an annuity of not more than $205,000 per
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