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Who Knew? Banks May Be Worse Than Payday Lenders

Overdraft charges or an advance loan at a bank can create costs comparable to payday advances.

A current report from Moebs Services unveiled some really good news for banking institutions: Despite legislation built to restrict overdraft costs by simply making them more clear, banks racked up costs totaling $32 billion year that is last. Unsurprisingly, the biggest banking institutions had been discovered to charge the absolute most because of this solution. But, another very piece that is enlightening of arrived on the scene within the research, too -- the truth that numerous overdraft users rely on payday loan providers to pay for overdrafts, because they really charge lower than banks for short-term financing.

Overdraft charges: more widespread than you believe After banking institutions like JPMorgan Chase (NYSE:JPM) , Bank of America (NYSE:BAC) , U.S. Bancorp (NYSE:USB) , and PNC Financial (NYSE:PNC) had been obligated to quit check that is ordering to increase overdraft charges, earnings dropped.