Sure they make money on mortgage refinancing. But meanwhile, US Bank and others in the industry won't cash a check issued on their own bank without charging a fee of $15 or more.

These new regulation team Obama has put in place is just crippling our financial system. Can you all image what it would have been like if he was not in office? Instead of the stock market doubling it would have tripled and same goes for the profits of the banks..We need a new direction for this economy cause doubling is just not good enough.

Mouthwash: If you do not have an account at the bank, why would expect them to provide a service to you for free?

Its amazing how all sorts of new fees can increase profits, isn't it? No fee checking accounts (for example) may result in only being highly profitable and not shatter a record.

It is easy to make record profits when your return on assets for Payday lending is over 100% net of cost of money, operations, loan losses, and income taxes and the return on equity is over 1000% - and this product return is off of the backs of their poorest customers. How is this helping the lower middle class and the economy? Do they have any employees with professional designations after their names such as CFP, RIA. etc that will state that Payday lending at these rates is good for anyone?

More evidence of a failed economy...

lolatbanks - Looks like you've never actually talked to people who use (or have used) payday lending as a valuable life line to keep rent paid on time and food on the table. I have. Perhaps also you should look at the economics on a product that, while admittedly very profitable, also carries a very significant credit risk to the bank. Limit it too much and the banks will just walk away, leaving the very people you seem to want to help in the lurch with fewer options that are less regulated AND more expensive. Besides, the straw-man argument of quoting the APR on these products is ridiculous since NOBODY actually pays that rate annually.

lolatbanks- I want to add to Ebuddy's comments: the bank is very clear that pay day loans are not a long term solution. The banks even start to limit how much you can borrow with that tool to get the customer off that runaway train. It's a loan. No credit requirement so to compare it to another lending product is not a good example. I still don't get why the banks have to protect people from themselves but that's the world we live in. I don't remember a gun being held to my head to take a loan. I'd rather not use credit and keep my money.

People commenting on payday lending may not realize that the FDIC ran a program with 28 banks that limited the interest rate to 36% (not the 208-365% charges by US Bank) and that covered all losses, costs, taxes, and provided a decent return. A recent study in 2012 revealed that when looking across the entire year, payday borrowers took out an average of 11 payday loans or extensions, remaining in debt for approximately 150 days out of the year; minorities and the uneducated were the majority of victims.

I have an account with the bank, and they want to charge me to send copies of canceled checks monthly. Used to be a free service. Didn't even initially offer me to opt out. Just started charging my account the fee.