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“Deposit Advances” Land individuals in the Same Bad Place as pay day loans, Senate Is Told

“Deposit Advances” Land individuals in the Same Bad Place as pay day loans, Senate Is Told

Whenever Wells Fargo rejected Annette Smith, a 69-year widow that is old away from social protection, for a little personal bank loan to obtain her automobile fixed, the financial institution suggested its online Deposit Advance Program. Utilizing the click of a switch, she got the $500 she required. However the short-term, high interest loan ensnared her in a vicious years-long period of borrowing.

The moment Smith’s security that is social hit her account, Wells immediately deducted the entire quantity of the advance and also a $50 solution cost.