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Bank deposit advances are payday loans in disguise

Source: Mike Calhoun - American Banker

In a recent op-ed, Consumer Bankers Association President Richard Hunt asserts that bank payday loans were a service to customers and argues that they should be restarted. The facts, though, show that while these loans produced huge fees for banks, they were a usurious debt trap for bank customers.

Read Full Article: Bank deposit advances are payday loans in disguise


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