New Orleans Payday lenders could not operate without the collaboration of the big money center banks. They are financiers providing the dollars being lent in predatory fashion to desperate lower income families. They are also the loan collectors by facilitating drafting from borrowers’ accounts to service the loans for the payday lenders, sometimes on multiple …
Tag: payday lending
Big Bank’s Hands in Payday Lending Not Just On the Drafts
New Orleans In an excellent piece the Times looked at the gross profiteering on the major to-big-to-fail bailout banks like Wells Fargo, Chase, and Citibank and their unseemly and immoral role in fleecing the hapless lower income customers of payday loans through their bank draft procedures. By hitting accounts repeatedly, even when already recognizing overdrafts, …