Banks better at hiding fees
May 29, 2008 | industry | Comments (0)This letter to the editor comes from the Deseret News (Utah) in response to local coverage of payday lending regulation. It highlights how payday loans can be the best option for consumers who find themselves in an unexpected financial crunch.
I am not a patron of payday lenders and hope I never have to use their services. However, I think that banks and credit unions often charge the same or worse for similar services, except they have a better way of hiding the fees. I was late on a car payment several times to a credit union. I had been a faithful and loyal customer for many years. Yet, I came home one day to find my car had been towed. After paying the fines, towing fees and interest charges, I was out over $1,000. It seems like a payday loan would have been cheaper for me than what the credit union charged to finally release my car. I have also paid outrageous fees on overdraft charges to my bank several times.
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