The high-cost, quick-fix deposit advance loans provided by some banking institutions should be discontinued in 2014 after customer advocates dubbed these products as financial obligation traps.
Both Fifth Third Bank and Wells Fargo, which had customers in Michigan, will put limits on new customers enrolling in deposit advance products as of Saturday.
Current clients could have much more time and energy to make use of such loans before the credit items are eliminated, but customers still must get ready for modification ahead.
A deposit advance is really a small-dollar loan, usually for approximately $500 or less, that is marketed as one thing to have your money away from a jam. Continue reading “Some major banking institutions will not provide advances that are payday-like”