Who is he to give advice?
October 23, 2008 | Newark Advocate, Ohio, industry, media coverage, regulation, states | Comments (1)Some bank employee in Ohio urges a YES vote on Issue 5 (a Yes vote retains the rate cap law). No where in this letter does he say his bank can give customers a short-term loan.
Comments»
of coarse they give small short term loans. Itscalled Over Draft Protection. Here’s how it works
First your account goes in the negative.
Second we dont inform you that it is in the negative.
Third We apply fees up to $37 for that $5 over draft.
Forth we dont tell you that we are charging you for our services.
Fifth we charge you for EVERY over draft expense an additional $37 and hope you dont check your account online.
Finally we have applied over $500 in fees forthe $100 in charges that you went over on you account.
The reason we are better than payday loans you ask? We will automatically let you use this great product with out you even having to ask!!!