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Now available for sale at Walmart: Dangerous Financial Solutions

The customer advocates during the Center for Responsible Lending don’t mince terms: “overdraft ‘protection’ is really a racket; maybe perhaps maybe not a site.” CRL describes:

Transaction shuffling and numerous, excessive charges for tiny shortfalls within their checking records cost Americans billions each year in unjust costs. Over fifty percent of Us americans are now actually paycheck-to-paycheck that is living making a lot of U.S. families at risk of bank overdraft practices which can be exceedingly misnamed “overdraft protection.”

In place, overdraft “protection” items becomes like payday advances, with a high charges substituting for high interest, and customers susceptible to getting caught in a period of financial obligation they are unable to emerge from. Continue reading