The Cost Of Being Poor

There are around 3 million users of payday loans which have extremely high interest rates.  Many states have banned these loans since they exceed interest rate limits that have been set by the state.  Unfortunately, many of our big banks have enabled the payday lenders to operate.  Many of the lenders have incorporated in friendly international locations.  This article describes how the big banks enable the payday lenders to circumvent state laws.  They have an incentive to do so because they collect fees for overdrafts etc.  They have not cooperated with their customers who request their bank to stop withdrawals by payday lenders when they attempt to close their account with the payday lenders.