Does this scenario seem fair? Payday loan companies are being restricted in many states, while banks continue to charge consumers outrageous fees. In fact, according to Daily Finance, the amount of profits banks enjoy from charging overdraft fees has doubled since 2000!
If you are a customer at Bank of America, if you overdraft only $6, you will get hit with a $35 overdraft penalty - and you can be charged 10 overdraft fees a day. Can you imagine paying $350 dollars in overdraft fees simply because you wrote $60 in bounced checks?
Chase customers are charged $25 - $35 for overdrafts, while SunTrust deducts $36 from your bank account for any overage.
It simply makes sense that if lawmakers regulate payday loan companies, they should also regulate banks that are charging seemingly outrageous fees for overdrafts and bounced checks. We've all paid the hefty fees for overdrawing our account or bouncing a check, yet it seems as if a blind eye is turned to this industry when it comes to stricter regulations.
Where are the Restrictions on Banks?
We can all attest to the fact that overdraft and bounced check fees charged by our banks far surpass any fee we've ever paid for a payday loan; which is why it makes it all the more confusing that lawmakers in nearly every state have targeted payday loan companies and placed tight restrictions regarding the fees they can charge and the terms and conditions which they can impose.
In fact, lawmakers in many states have all but pushed payday loan companies out of business, forcing individuals to find other alternatives to quick cash. Individuals with no credit or poor credit have few options, especially when a bank overdraft or bounced check is looming. What is a consumer to do?
The bank fees must be paid - in fact, they are automatically withdrawn from the customer's account - and other loan options are limited. In other words, consumers without access to payday loans may have no other option than to pay these outrageous bank fees.
Fight Back - and Win!
Payday loans are a practical and incredibly convenient way to fight back against the outrageous fees imposed by banks. Apply online for a payday loan using a simple, easy-to-follow application through a secure website, and you may have the money needed in your bank account within a few hours.
Because banks seem to have gone unnoticed when it comes to over-the-top fees, it is up to consumers to fight back against banks by avoiding overdrawing their accounts. In a perfect world, we could all maintain a healthy bank account balance at all times, but since this is often not very realistic for most consumers, using a payday loan to avoid paying bank charges is the next best thing.
We all have options, and when we exercise them, we also exercise our right to fight back against unnecessary fees and charges imposed by banks. It hardly seems fair that banks can turn a $6 overdraft into a $35 fee. In fact, this would be is more than a 500% in daily interest! By responsibly using payday loans, however, you can avoid overdraft fees and control how much interest you truly pay.