UPCOMING EVENTS
Banks Competing for Payday Loan Customers, According to AboutPayDayLoan.com
07/27/2010
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According to About Payday Loan, a payday loan resource blog, now that Regulation E has passed, there have been a number of reports saying that banks are going to go after payday loan lenders' customers. Where this could be the case in a few states or branches, but big banks have typically stayed away from anyone with less than perfect credit.
Los Angeles, CA (Vocus) July 27, 2010
According to About Payday Loan, a payday loan resource website, now that Regulation E has passed, there have been a number of reports saying that banks are going to go after payday loan lenders' customers. Where this could be the case in a few states or branches, but big banks have typically stayed away from anyone with less than perfect credit.
Last year (2009) big banks made upwards of 38 billion dollars in overdraft and non sufficient fund (NSF) fees. With this summer’s enactment of Regulation E, banks are facing huge losses due to customers declining the overdraft protection option.
A flood of changes has already been seen in the banking industry. For example most banks have stopped offering free checking accounts to new customers. Free checking accounts have been the norm for the last decade, but now that banks won’t be making money off of potential overdrafts, they are looking for new revenue sources. Banks area also imposing monthly account charges, online charges and other fees to customers in an attempt to salvage revenue losses due to Regulation E.
Now, some banks and credit unions seem to be looking to cover some of their losses of regulation E by turning onto payday loans. It is a financial sector that big banks have left alone till now, "there are approximately 20 million payday loan customers in the US", says a search marketing consultant based in Los Angeles that works with payday lenders.
OBSERVATIONS
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