From a letter to editor in today’s Cleveland Plain Dealer
Bank fees will have you longing for a payday loan
Posted by Raphael W. Hardman/Cleveland November 20, 2008 11:31AM
Well, Ohio, with banks increasing fees and overdrafts nearing $40 per occurrence, I guess voting for Issue 5 wasn’t such a good idea after all. You better start praying that you don’t get laid off or fired (payday loan No. 1). Or that it stays warm this winter (loan No. 2). There is no increase in food prices (loan No. 3). And you don’t bounce a check (loan No. 4).
Just one of these emergencies will start the run on multiple payday loans. But now there’s a limit.
The same people who brought you Issue 5 have turned a blind eye to the banking industry that is begging its victims for help while at the same time robbing them blind. I guess $15 per $100 wasn’t such a bad thing after all.
Thanks, Ohio General Assembly. Good looking out.
Hmmm… What’s wrong with that senario….It is my understanding that you must have a job to get a payday loan…..so if I do get laid off or fired with NO job….doesn’t that equal out to NO LOAN.
And as far as your comment about the overdraft fees…..DON’T WRITE BAD CHECKS….. DON’T USE YOUR DEBIT CARD WHEN THERE ISN’T ENOUGH MONEY IN THE ACCOUNT TO COVER IT, and Keep your check book balanced!!!!
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good luck