Now available for sale at Walmart: Risky Financial Services

Now available for sale at Walmart: Risky Financial Services

The customer advocates in the Center for Responsible Lending don’t mince words: “overdraft ‘protection’ is just a racket; perhaps not a site.” CRL explains:

Transaction shuffling and numerous, exorbitant costs for little shortfalls within their checking records cost Americans billions each year in unjust charges. over fifty percent of Us citizens are actually paycheck-to-paycheck that is living making a lot of U.S. families in danger of bank overdraft practices which are exceedingly misnamed “overdraft protection.”

In place, overdraft “protection” items may become like payday advances, with a high fees replacing for high interest, and consumers prone to getting caught in a period of financial obligation they can not emerge from. (more…)