Fight against illegal payday loans turns to banks

  • Article by: Jennifer Bjorhus , Star Tribune
  • Updated: November 9, 2013 - 4:53 PM

A New Jersey woman is suing U.S. Bank, alleging that the bank let an illegal payday lender onto its electronic payments network.

  • 14
  • Comments

  • Results per page:
gofurnuttNov. 9, 13 8:50 PM

Why,Oh Why, Am I Not Surprised!!!

4
8
gofurnuttNov. 9, 13 9:13 PM

Why,Oh Why, Am I Not Surprised....Yes that's Right, Let's Pay Our Depositors NOOOO Interest On Their Deposits and then Gouge 'em When They Want To Borrow Money On The Other End...!!!

7
11
dad2fourNov. 10, 13 7:15 AM

Let's not forget that these borrowers have responsibilities as well. Desperation is not a valid excuse to enter into ill advised financial transactions i.e. payday loans. Individual decisions must require some personal responsibility. True, shame on others for profiting on the weakness of others, but there is a balance. Maybe we should focus on the lawyers who will also profit handsomely by litigating these cases. If it wasn't for the deep pockets of the banks, many lawyers wouldn't care at all.

16
3
bgmach3Nov. 10, 13 7:44 AM

More proof that banks, wallstreet, attorneys, and their bought and paid for politicians are nothing more than the right hand of the ultra wealthy consolidating more wealth. This arrangement cannot go on and it will not. If the revolutions of the common citizens in the other countries are not an indicator of what is to come I really don't know how much more clear the writing on the wall can be.

6
10
supervon2Nov. 10, 13 8:51 AM

So the alternative is off-the-street loan sharking? Hmmm. Maybe I just found a new profession.

7
2
pragmatictafNov. 10, 1310:57 AM

Even organized crime never charged this much in interest. A lot of these pay-day loan shops have been set up just outside of our military bases, along with poor areas to feed on the unfortunate and most vulnerable in our country. It's a national disgrace, and we certainly know which side of the isle will defend it.

10
2
unsinnNov. 10, 1312:06 PM

The article doesn't explain anything about how Angel Gordon got her loan. It only states that she got the loan in the state of New Jersey where it's illegal......doesn't she bear some responsibility? In the end, the lawyers representing Ms. Gordon will benefit financially from this lawsuit. The average bank customer will lose, because the bank's financial loss will be passed on to us.

10
3
jbpaperNov. 10, 13 1:19 PM

Pay day loans are illegal in Jersey, so she goes online to find one. Then she sues a bank that had nothing to do with the loan, it only transferred the money, and somehow this makes sense to people? Time to dig a grave next to common sense, apparently personal responsibility has all passed away.

10
2
jbpaperNov. 10, 13 1:26 PM

"Payment processing isn’t U.S. Bank’s only finger in the payday marketplace. It’s one of a handful of major banks that make payday-like loans for customers called deposit advances — U.S. Bank’s product is called ­Checking Account Advance. They are pitched to existing account holders as Band-Aids for financial ­emergencies and a way to avoid ­overdrafts, but can ensnare ­vulnerable ­consumers in a churn of repeat borrowing, consumer advocates say." ----- I've had this on my account for over 25 years and I do like having it. It's not as important to me now with online banking making it easy to keep up on my account but years ago it definitely was helpful. I've never used it for a "loan" in order to buy something, just to cover withdrawals if I was a little late in depositing a paycheck.

8
0
steve6268Nov. 10, 13 4:22 PM

You ask to borrow the money and then when you don't want to pay it back you sue the people that helped you borrow it.. Maybe the banks should stop loaning money all together, and then those of you that think it's horrible can pay for things yourself. No one to blame then!

12
2

Comment on this story   |  

ADVERTISEMENT

Connect with twitterConnect with facebookConnect with Google+Connect with PinterestConnect with PinterestConnect with RssfeedConnect with email newsletters

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT