A Wells Fargo bank in Woodbury, Minn. (Picture: Karen Bleier, AFP/Getty Pictures)
The high-cost, quick-fix deposit advance loans made available from some banking institutions will undoubtedly be discontinued in 2014 after customer advocates dubbed these products as financial obligation traps.
At the time of Saturday, both Fifth Third Bank and Wells Fargo, which had clients in Michigan, will place limitations on new clients searching for deposit advance services and products.
Current clients may have a little more time and energy to make use of such loans before the credit items are eliminated, but customers nevertheless must get ready for modification ahead. Continue reading “Some major banking institutions will not provide advances that are payday-like”