Overdraft Fees Send Scores to Check Cashing, Payday Loans

Exorbitant Overdraft Fees Erase Funds of the Working Poor
In the 1960s and 1970s, many of America’s largest banks decided to go “where the money is” by pulling their branches out of the inner cities and focusing more on affluent areas. It may be sheer coincidence that infamous bank robber John [...]

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In what universe does a one percent check cashing fee exceed a $35 overdraft fee for overdrawing a checking account by $.01? (Photo: flickr.com)
Thursday, November 19th, 2009 by
Steven Tarlow

The Cost of Payday Loans: Not Excessive, Study Shows

Study of Detroit Area Households Yields Surprising Results
There are numerous entries in the volumes of study on payday loans which suggest that low- to middle-income (LMI) families are the most frequent users of the product. Where access to credit and liquid assets are limited – particularly in areas that are [...]

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Pursuit of alternative financial services like payday loans is sometimes necessary. But do the costs break the budget? (Photo: flickr.com)
Friday, November 6th, 2009 by
Steven Tarlow