The high-cost, quick-fix deposit advance loans made available from some banking institutions would be discontinued in 2014 after customer advocates dubbed the merchandise as financial obligation traps.
At the time of Saturday, both Fifth Third Bank and Wells Fargo, which had clients in Michigan, will place restrictions on new clients searching for deposit advance services and products.
Current clients may have a little more time and energy to use such loans before the credit items are eliminated, but customers nevertheless must get ready for modification ahead.
A deposit advance is a loan that is small-dollar usually for around $500 or less, that is marketed as one thing to have your money away from a jam. Read more ›