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(USA Today)   Payday loans provider ACE Cash Express fined $10 million for illegal collection practices. Company hopes make it back in interest the next time they loan out $5000   (americasmarkets.usatoday.com) divider line 53
    More: Fail, payday lender, personal loans, loan origination  
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1106 clicks; posted to Business » on 13 Jul 2014 at 1:08 PM (19 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2014-07-13 12:35:39 PM  
Who the hell uses those places anyway? Get direct deposit for crying out loud.
 
2014-07-13 01:27:14 PM  

gopher321: Who the hell uses those places anyway? Get direct deposit for crying out loud.


pats your head, why bless your middle-class heart.  Google "unbanked"
 
2014-07-13 01:27:21 PM  

gopher321: Who the hell uses those places anyway? Get direct deposit for crying out loud.


I've worked with people who are terrified of using regular banks, it's not logical no, but still lot of people who don't trust them. Plus lot of these places cater to people who try to stay under government radar.
 
2014-07-13 01:28:01 PM  

gopher321: Who the hell uses those places anyway? Get direct deposit for crying out loud.


That requires a bank account, which are hard to get when you've been convicted of a felony, which we hand out like candy to the poorest classes.
 
2014-07-13 01:29:26 PM  
This is about the commercials I fast forward through with Montel Williams or the Indians, right?
 
2014-07-13 01:30:59 PM  
I had to use one of these places many years ago to take care of an emergency situation but I was able to pay them back as soon as I got paid. Too many people get caught up in a situation where they keep borrowing on each paycheck.
 
2014-07-13 01:43:49 PM  

Lost Thought 00: gopher321: Who the hell uses those places anyway? Get direct deposit for crying out loud.

That requires a bank account, which are hard to get when you've been convicted of a felony, which we hand out like candy to the poorest classes.


Or have bad credit.
 
2014-07-13 01:49:54 PM  

strangeluck: it's not logical no


I can tell you've never actually read the terms of service of any bank accounts you have. You might decide the risks are outweighed by the rewards, but that doesn't mean it's automatically the case. Today is actually a great time to be unbanked, if you know what you're doing. If you are lazy or stupid, it's probably better to let someone else manage your money for you.
 
2014-07-13 01:51:42 PM  
Are they still in business? Then their fine is "just the cost of doing business" while the Feds look like they did "something". They'll be fine.
 
2014-07-13 01:52:40 PM  
Glad to see the CFPB is working. I hope they continue putting these sorts of companies through the wringer.
 
2014-07-13 01:53:50 PM  
Payday loans are illegal in the state I live in.

OK, you can get a payday loan but you have to drive over to Delaware to get it or find an online lender - no brick & mortar payday lenders (operating legally) in New Jersey.

What we do have is places who buy gift cards/store debit cards at 50% of face value and resell them online. You figure out how that system can be "abused."
 
2014-07-13 01:56:41 PM  

DubyaHater: Are they still in business? Then their fine is "just the cost of doing business" while the Feds look like they did "something". They'll be fine.


Steal $200, get jail. Steal $200,000,000 and you get a fine that's a fraction of what you made. It's just the way of the world. Go big, or go to jail.
 
2014-07-13 02:10:33 PM  

mcreadyblue: Lost Thought 00: gopher321: Who the hell uses those places anyway? Get direct deposit for crying out loud.

That requires a bank account, which are hard to get when you've been convicted of a felony, which we hand out like candy to the poorest classes.

Or have bad credit.


While there might be an asshole bank in any given community that actually screens customers like this, the grand majority don't give a shiat at all.  Show up with $100 to open a basic checking account and they're happy to deal with you.  Why?  Because they're going to make more money off of you, one $35 overdraft fee at a time, then they'll lose by acting elite and screening customers based on credit or criminal history.
 
2014-07-13 02:21:01 PM  

taliesinwi: mcreadyblue: Lost Thought 00: gopher321: Who the hell uses those places anyway? Get direct deposit for crying out loud.

That requires a bank account, which are hard to get when you've been convicted of a felony, which we hand out like candy to the poorest classes.

Or have bad credit.

While there might be an asshole bank in any given community that actually screens customers like this, the grand majority don't give a shiat at all.  Show up with $100 to open a basic checking account and they're happy to deal with you.  Why?  Because they're going to make more money off of you, one $35 overdraft fee at a time, then they'll lose by acting elite and screening customers based on credit or criminal history.


I was once told by a bank that I couldn't open a checking account with them because I didn't meet their standards. This was one of those chain banks that has since been gobbled up by B of A and not some revered institution,
 
2014-07-13 02:22:04 PM  

untaken_name: I can tell you've never actually read the terms of service of any bank accounts you have. You might decide the risks are outweighed by the rewards, but that doesn't mean it's automatically the case. Today is actually a great time to be unbanked, if you know what you're doing. If you are lazy or stupid, it's probably better to let someone else manage your money for you.


Do you hold liquid assets at a regulated financial institution that is insured against losses (doesn't have to be FDIC)?  If so, congratulations, you are "banked".
 
2014-07-13 02:31:35 PM  

taliesinwi: mcreadyblue: Lost Thought 00: gopher321: Who the hell uses those places anyway? Get direct deposit for crying out loud.

That requires a bank account, which are hard to get when you've been convicted of a felony, which we hand out like candy to the poorest classes.

Or have bad credit.

While there might be an asshole bank in any given community that actually screens customers like this, the grand majority don't give a shiat at all.  Show up with $100 to open a basic checking account and they're happy to deal with you.  Why?  Because they're going to make more money off of you, one $35 overdraft fee at a time, then they'll lose by acting elite and screening customers based on credit or criminal history.


Not Chase.
 
2014-07-13 02:36:43 PM  

thetrenchcoat: taliesinwi: mcreadyblue: Lost Thought 00: gopher321: Who the hell uses those places anyway? Get direct deposit for crying out loud.

That requires a bank account, which are hard to get when you've been convicted of a felony, which we hand out like candy to the poorest classes.

Or have bad credit.

While there might be an asshole bank in any given community that actually screens customers like this, the grand majority don't give a shiat at all.  Show up with $100 to open a basic checking account and they're happy to deal with you.  Why?  Because they're going to make more money off of you, one $35 overdraft fee at a time, then they'll lose by acting elite and screening customers based on credit or criminal history.

I was once told by a bank that I couldn't open a checking account with them because I didn't meet their standards. This was one of those chain banks that has since been gobbled up by B of A and not some revered institution,


Fair enough.  But you were able to go to the next bank and open an account with little to no difficulty, right?
 
2014-07-13 02:45:25 PM  

taliesinwi: thetrenchcoat: taliesinwi: mcreadyblue: Lost Thought 00: gopher321: Who the hell uses those places anyway? Get direct deposit for crying out loud.

That requires a bank account, which are hard to get when you've been convicted of a felony, which we hand out like candy to the poorest classes.

Or have bad credit.

While there might be an asshole bank in any given community that actually screens customers like this, the grand majority don't give a shiat at all.  Show up with $100 to open a basic checking account and they're happy to deal with you.  Why?  Because they're going to make more money off of you, one $35 overdraft fee at a time, then they'll lose by acting elite and screening customers based on credit or criminal history.

I was once told by a bank that I couldn't open a checking account with them because I didn't meet their standards. This was one of those chain banks that has since been gobbled up by B of A and not some revered institution,

Fair enough.  But you were able to go to the next bank and open an account with little to no difficulty, right?


True but someone viewed as being in a lower financial status as me may not have such an easy time.
 
2014-07-13 02:55:13 PM  

taliesinwi: thetrenchcoat: taliesinwi: mcreadyblue: Lost Thought 00: gopher321: Who the hell uses those places anyway? Get direct deposit for crying out loud.

That requires a bank account, which are hard to get when you've been convicted of a felony, which we hand out like candy to the poorest classes.

Or have bad credit.

While there might be an asshole bank in any given community that actually screens customers like this, the grand majority don't give a shiat at all.  Show up with $100 to open a basic checking account and they're happy to deal with you.  Why?  Because they're going to make more money off of you, one $35 overdraft fee at a time, then they'll lose by acting elite and screening customers based on credit or criminal history.

I was once told by a bank that I couldn't open a checking account with them because I didn't meet their standards. This was one of those chain banks that has since been gobbled up by B of A and not some revered institution,

Fair enough.  But you were able to go to the next bank and open an account with little to no difficulty, right?




There are few banks on the poor side of town.
 
2014-07-13 02:57:28 PM  

Lost Thought 00: gopher321: Who the hell uses those places anyway? Get direct deposit for crying out loud.

That requires a bank account, which are hard to get when you've been convicted of a felony, which we hand out like candy to the poorest classes.


Not anymore:

s1.mbtcdn.com

No surprise that Wal-Mart, with its customer base, partnered with a provider to get its own checking account alternative.   It's actually a GREAT product which I use for its bill pay service alone.
 
2014-07-13 03:09:51 PM  

valkore: Lost Thought 00: gopher321: Who the hell uses those places anyway? Get direct deposit for crying out loud.

That requires a bank account, which are hard to get when you've been convicted of a felony, which we hand out like candy to the poorest classes.

Not anymore:

[s1.mbtcdn.com image 621x421]

No surprise that Wal-Mart, with its customer base, partnered with a provider to get its own checking account alternative.   It's actually a GREAT product which I use for its bill pay service alone.


Remember in the late 90's or early 2000's that Walmart tried to get and was denied permission to start their own bank? Am I remembering that correctly?
 
2014-07-13 04:04:05 PM  
I just got one of those 'pre-approved' credit offers in the mail yesterday.
"Re-build your credit!"
They offered a quick $3500 loan for the low low cost of 199.42% with bi-weekly payments of around $280.
 
2014-07-13 05:04:46 PM  
"We settled this matter in order to focus on serving our customers and providing the products and services they count on," said ACE CEO Jay Shipowitz.


Why isn't Jay Shipowitz wearing an orange jumpsuit and cutting brush in the healthy Texas sunshine for the rest of his miserable life?
 
2014-07-13 05:19:37 PM  

gopher321: Who the hell uses those places anyway?


Junkies. Even if you make a hundred grand a year smack is expensive.
 
2014-07-13 05:46:28 PM  

valkore: Lost Thought 00: gopher321: Who the hell uses those places anyway? Get direct deposit for crying out loud.

That requires a bank account, which are hard to get when you've been convicted of a felony, which we hand out like candy to the poorest classes.

Not anymore:

[s1.mbtcdn.com image 621x421]

No surprise that Wal-Mart, with its customer base, partnered with a provider to get its own checking account alternative.   It's actually a GREAT product which I use for its bill pay service alone.




You can only put money on it by using cash....or a bank account.

It does require a social security number, so don't be loading too much cash on it.
 
2014-07-13 05:48:51 PM  

ongbok: valkore: Lost Thought 00: gopher321: Who the hell uses those places anyway? Get direct deposit for crying out loud. That requires a bank account, which are hard to get when you've been convicted of a felony, which we hand out like candy to the poorest classes. Not anymore: [s1.mbtcdn.com image 621x421] No surprise that Wal-Mart, with its customer base, partnered with a provider to get its own checking account alternative.   It's actually a GREAT product which I use for its bill pay service alone. Remember in the late 90's or early 2000's that Walmart tried to get and was denied permission to start their own bank? Am I remembering that correctly?



Back in 2006 Walmart tried, but that effort was shutdown by the other banks.

http://online.wsj.com/news/articles/SB116118495912296504
 
2014-07-13 06:28:57 PM  
I know a guy that went to work for one of those payday loan places, hired as a mgt trainee.  He lasted 2 weeks.  He said he just felt like total shiat knowing he was part of a program that just farks people over.
 
2014-07-13 06:39:05 PM  

gopher321: Who the hell uses those places anyway? Get direct deposit for crying out loud.


People that want money fast but want to keep their kneecaps.
 
2014-07-13 06:46:50 PM  

TedCruz'sCrazyDad: valkore: Lost Thought 00: gopher321: Who the hell uses those places anyway? Get direct deposit for crying out loud.

That requires a bank account, which are hard to get when you've been convicted of a felony, which we hand out like candy to the poorest classes.

Not anymore:

[s1.mbtcdn.com image 621x421]

No surprise that Wal-Mart, with its customer base, partnered with a provider to get its own checking account alternative.   It's actually a GREAT product which I use for its bill pay service alone.

You can only put money on it by using cash....or a bank account.

It does require a social security number, so don't be loading too much cash on it.


You can have your direct deposit sent, well, directly to your Bluebird account.  People can also write you a check, and you can deposit it by mail.

You can use the card up to its defined monthly deposit and spend limits without issue.  It's been well tested.

I promise I'm not a shill for these guys.  It's just a great alternative for people who can't (or won't) get a checking account.
 
2014-07-13 06:48:12 PM  

valkore: untaken_name: I can tell you've never actually read the terms of service of any bank accounts you have. You might decide the risks are outweighed by the rewards, but that doesn't mean it's automatically the case. Today is actually a great time to be unbanked, if you know what you're doing. If you are lazy or stupid, it's probably better to let someone else manage your money for you.

Do you hold liquid assets at a regulated financial institution that is insured against losses (doesn't have to be FDIC)?  If so, congratulations, you are "banked".


No, personally, I just use Disney Dollars for everything. One card gets me in all the parks and I get snacks in between meals. Also, here's a hint: if someone is banked, then they're not unbanked. I thought that would be fairly obvious, but apparently some people need things explicitly spelled out for them.
 
2014-07-13 06:55:02 PM  

taliesinwi: While there might be an asshole bank in any given community that actually screens customers like this, the grand majority don't give a shiat at all. Show up with $100 to open a basic checking account and they're happy to deal with you. Why? Because they're going to make more money off of you, one $35 overdraft fee at a time, then they'll lose by acting elite and screening customers based on credit or criminal history.


BMO Harris screens credit. Luckily I got mine as a student.
 
2014-07-13 08:04:49 PM  

Chalji: Glad to see the CFPB is working. I hope they continue putting these sorts of companies through the wringer.


I'm biased because I work with them from time to time, but yeah the CFPB is truly kicking ass and taking names on shiat  like this/  They are gunning for the tribal payday lenders who claim immunity from state jurisdiction are starting to eyeball debt collectors, cracking down on "overdraft protections" working on making the disclosures of all the fees on pre-paid debit cards standardized and actually readable ( and already did that with mortgage disclosures) and might even do something about those mandatory arbitration clauses, and have ordered close to a billion dollars in refunds  from credit card companies to consumers they ripped off with bogus insurance products

( and thier consumer complaint portal is an extremely powerful way to resolve complaints with financial service providers)
 
2014-07-13 08:13:24 PM  

Magorn: Chalji: Glad to see the CFPB is working. I hope they continue putting these sorts of companies through the wringer.

I'm biased because I work with them from time to time, but yeah the CFPB is truly kicking ass and taking names on shiat  like this/  They are gunning for the tribal payday lenders who claim immunity from state jurisdiction are starting to eyeball debt collectors, cracking down on "overdraft protections" working on making the disclosures of all the fees on pre-paid debit cards standardized and actually readable ( and already did that with mortgage disclosures) and might even do something about those mandatory arbitration clauses, and have ordered close to a billion dollars in refunds  from credit card companies to consumers they ripped off with bogus insurance products

( and thier consumer complaint portal is an extremely powerful way to resolve complaints with financial service providers)


how jealous must the mob be of these title/payday/indian loans. not sure how loan sharking became legal. Not even sure how Credit card interest go up over 25%.  iirc I swear some of the tv shows in the 60s and 70's would have story lines where someone was paying 35% interest and that was loan shark interest rates. of course not sure iirc.
 
2014-07-13 08:23:50 PM  

taliesinwi: mcreadyblue: Lost Thought 00: gopher321: Who the hell uses those places anyway? Get direct deposit for crying out loud.

That requires a bank account, which are hard to get when you've been convicted of a felony, which we hand out like candy to the poorest classes.

Or have bad credit.

While there might be an asshole bank in any given community that actually screens customers like this, the grand majority don't give a shiat at all.  Show up with $100 to open a basic checking account and they're happy to deal with you.  Why?  Because they're going to make more money off of you, one $35 overdraft fee at a time, then they'll lose by acting elite and screening customers based on credit or criminal history.


Not even vaguely true. let me givr you a personal anecdote: moved from MD to Chicago to o to law school.  Because I had a no-fee checking account with Mellon Bank, I left $100 in my account just to cover any outstanding checks I might have forgotten about.  I left a forwarding address but no bank statements came and I didn't worry about it.   Mellon got bought by Suntrust who promptly converted the account to a $9/mo one and started deducting he balance. though they "lost" my address somehow.   When it hit zero they promptly started taking on a $35 over draft fee plus interest on previous feed and overdraft fees.


By the time I moved back to md they decided I owed them something absurd like $458.   I moved back to MD and landed a temp job fairly quickly  but since I had no local bank I literally had to cash my first paycheck.  The next day, I walk into my local bank ( small local bank where I'd had an account since I was 10)  with a paystub and $1800 CASH and tried to set up direct deposit.  they set everything up, but at the end the ran my name through Chex Systems, and say that Suntrust claimed I owed them almost $500 and promptly refused to let me have a bank account until I paid Suntrust off.  I explained the situation, showed them bank statements  to prove it to no avail...until chex systems was cleared, they would not let me have an account.    Nor would any other bank I tried.  We set everything up in my wife's name instead and then I got busy using my newe lawyer skills to threaten Suntrust until they relented and I was able to get an account....Almost a year later
 
2014-07-13 08:29:54 PM  

Waldo Pepper: Magorn: Chalji: Glad to see the CFPB is working. I hope they continue putting these sorts of companies through the wringer.

I'm biased because I work with them from time to time, but yeah the CFPB is truly kicking ass and taking names on shiat  like this/  They are gunning for the tribal payday lenders who claim immunity from state jurisdiction are starting to eyeball debt collectors, cracking down on "overdraft protections" working on making the disclosures of all the fees on pre-paid debit cards standardized and actually readable ( and already did that with mortgage disclosures) and might even do something about those mandatory arbitration clauses, and have ordered close to a billion dollars in refunds  from credit card companies to consumers they ripped off with bogus insurance products

( and thier consumer complaint portal is an extremely powerful way to resolve complaints with financial service providers)

how jealous must the mob be of these title/payday/indian loans. not sure how loan sharking became legal. Not even sure how Credit card interest go up over 25%.  iirc I swear some of the tv shows in the 60s and 70's would have story lines where someone was paying 35% interest and that was loan shark interest rates. of course not sure iirc.


no you are right

what happened was a 1978 Supreme Court decision that ruled that the law of the state where a credit card issuer was HQ'ed applied to a dispute with its customers NOT the law of where the customer.

This set off a "race to the bottom" with SD, DE and NV leading the way to see who could jettison their usury laws and consumer protections in order to lure Credit Card Companies to set up shop there.  BTW the same thing would happen if the GOP got their way and allowed the sale of insurance across state laws
 
2014-07-13 08:34:05 PM  

valkore: Lost Thought 00: gopher321: Who the hell uses those places anyway? Get direct deposit for crying out loud.

That requires a bank account, which are hard to get when you've been convicted of a felony, which we hand out like candy to the poorest classes.

Not anymore:

[s1.mbtcdn.com image 621x421]

No surprise that Wal-Mart, with its customer base, partnered with a provider to get its own checking account alternative.   It's actually a GREAT product which I use for its bill pay service alone.


fark me sideways but Walmart's Bluebird is the LEAST predatory pre-paid solution I have ever seen,   FAR better than most pre-paid debit cards which are frankly larcenous with their fees:  Wanna add money? that'll cost ya.  Pay a bill online? fark you pay me, get money? only if I get my cut,  Check you balance or talk to a customer service rep? That'll be $2.50 please
 
2014-07-13 08:50:30 PM  
460% APR seems like they'll make their money back on that $5000 loan in no time.
 
2014-07-13 09:07:32 PM  

Magorn: taliesinwi: mcreadyblue: Lost Thought 00: gopher321: Who the hell uses those places anyway? Get direct deposit for crying out loud.

That requires a bank account, which are hard to get when you've been convicted of a felony, which we hand out like candy to the poorest classes.

Or have bad credit.

While there might be an asshole bank in any given community that actually screens customers like this, the grand majority don't give a shiat at all.  Show up with $100 to open a basic checking account and they're happy to deal with you.  Why?  Because they're going to make more money off of you, one $35 overdraft fee at a time, then they'll lose by acting elite and screening customers based on credit or criminal history.

Not even vaguely true. let me givr you a personal anecdote: moved from MD to Chicago to o to law school.  Because I had a no-fee checking account with Mellon Bank, I left $100 in my account just to cover any outstanding checks I might have forgotten about.  I left a forwarding address but no bank statements came and I didn't worry about it.   Mellon got bought by Suntrust who promptly converted the account to a $9/mo one and started deducting he balance. though they "lost" my address somehow.   When it hit zero they promptly started taking on a $35 over draft fee plus interest on previous feed and overdraft fees.


By the time I moved back to md they decided I owed them something absurd like $458.   I moved back to MD and landed a temp job fairly quickly  but since I had no local bank I literally had to cash my first paycheck.  The next day, I walk into my local bank ( small local bank where I'd had an account since I was 10)  with a paystub and $1800 CASH and tried to set up direct deposit.  they set everything up, but at the end the ran my name through Chex Systems, and say that Suntrust claimed I owed them almost $500 and promptly refused to let me have a bank account until I paid Suntrust off.  I explained the situation, showed them bank statements   ...


I'll second that! Once you're red flagged by CHEX Systems, aka the bank blacklist. you're effed.
 
2014-07-13 10:29:52 PM  

gopher321: Who the hell uses those places anyway? Get direct deposit for crying out loud.


And if you can't find a job, just borrow money from your parents to start a business.
 
2014-07-13 10:31:34 PM  
jl811: I'll second that! Once you're red flagged by CHEX Systems, aka the bank blacklist. you're effed.

I was actually able to get off their blacklist in 2000 after I faxed them documentation that I had resolved the issue.
 
2014-07-13 10:43:54 PM  

gopher321: Who the hell uses those places anyway? Get direct deposit for crying out loud.


Just have to remember that it's really costly to be poor.
 
2014-07-13 11:39:28 PM  

Magorn: fark me sideways but Walmart's Bluebird is the LEAST predatory pre-paid solution I have ever seen,   FAR better than most pre-paid debit cards which are frankly larcenous with their fees:  Wanna add money? that'll cost ya.  Pay a bill online? fark you pay me, get money? only if I get my cut,  Check you balance or talk to a customer service rep? That'll be $2.50 please


Yeah, it's pretty crazy.  And, the website is basically a full features online banking platform.
 
2014-07-13 11:43:44 PM  

CptnSpldng: Payday loans are illegal in the state I live in.

OK, you can get a payday loan but you have to drive over to Delaware to get it or find an online lender - no brick & mortar payday lenders (operating legally) in New Jersey.

What we do have is places who buy gift cards/store debit cards at 50% of face value and resell them online. You figure out how that system can be "abused."


Just go see Joey down by the deli, he will give you a loan.  His motto is "If your unhappy with your loan, I will break your legs, you lousy piece of shiat. Give me my money!!"
 
2014-07-13 11:55:20 PM  
Just got a notice for a $250 increase on a credit card I have.  The reason I got them because I didn't have a VISA and they sent me an offer in the mail.  I found (after) that they charge 9 bucks to do this.  I went to complain and they said if they dropped it back down and deleted the 9 dollar fee, it would go on my credit record.  They also take about a week after I make my payment to credit it to my account so I can use my mney again.   I'm paying them off this month and will cancel them afterwards, no matter what it does to my credit.  Do NOT use creditonebank.  They are scum.
 
2014-07-14 07:32:03 AM  

Magorn: taliesinwi: mcreadyblue: Lost Thought 00: gopher321: Who the hell uses those places anyway? Get direct deposit for crying out loud.

That requires a bank account, which are hard to get when you've been convicted of a felony, which we hand out like candy to the poorest classes.

Or have bad credit.

While there might be an asshole bank in any given community that actually screens customers like this, the grand majority don't give a shiat at all.  Show up with $100 to open a basic checking account and they're happy to deal with you.  Why?  Because they're going to make more money off of you, one $35 overdraft fee at a time, then they'll lose by acting elite and screening customers based on credit or criminal history.

Not even vaguely true. let me givr you a personal anecdote: moved from MD to Chicago to o to law school.  Because I had a no-fee checking account with Mellon Bank, I left $100 in my account just to cover any outstanding checks I might have forgotten about.  I left a forwarding address but no bank statements came and I didn't worry about it.   Mellon got bought by Suntrust who promptly converted the account to a $9/mo one and started deducting he balance. though they "lost" my address somehow.   When it hit zero they promptly started taking on a $35 over draft fee plus interest on previous feed and overdraft fees.


By the time I moved back to md they decided I owed them something absurd like $458.   I moved back to MD and landed a temp job fairly quickly  but since I had no local bank I literally had to cash my first paycheck.  The next day, I walk into my local bank ( small local bank where I'd had an account since I was 10)  with a paystub and $1800 CASH and tried to set up direct deposit.  they set everything up, but at the end the ran my name through Chex Systems, and say that Suntrust claimed I owed them almost $500 and promptly refused to let me have a bank account until I paid Suntrust off.  I explained the situation, showed them bank statements   ...


Why would you leave an account open with $100 "just in case" you still had outstanding checks? Don't you keep track of what checks you write? You should have closed the account once all outstanding checks were paid.
 
2014-07-14 07:50:39 AM  

valkore: Lost Thought 00: gopher321: Who the hell uses those places anyway? Get direct deposit for crying out loud.

That requires a bank account, which are hard to get when you've been convicted of a felony, which we hand out like candy to the poorest classes.

Not anymore:

[s1.mbtcdn.com image 621x421]

No surprise that Wal-Mart, with its customer base, partnered with a provider to get its own checking account alternative.   It's actually a GREAT product which I use for its bill pay service alone.


This. Plus, Wells Fargo, as an example, has a second chance checking account for folks that have wrecked their credit, or no credit at all. I have two employees that got their checking accounts opened via WF so they could take advantage of our direct deposit.

https://www.wellsfargo.com/checking/opportunity/
 
2014-07-14 08:36:20 AM  

Chalji: Glad to see the CFPB is working. I hope they continue putting these sorts of companies through the wringer.


Add a few more zeroes to the fine them I'll agree it's working. As it is $10 million isn't even piss in a bucket to these criminal vultures.
 
2014-07-14 09:09:09 AM  
As part of being licensed by the state they are in, every bank should offer some sort of ground floor no perks bank account.

I was a crew leader during the census in Boston (back bay/south end), something like 14 out of 17 people I oversaw had no bank account and were using check cashing places.
It was pathetic that an area with so much wealth generally and so many brick and mortar banks within a few blocks couldn't/wouldn't service a large portion of the population.
 
2014-07-14 09:21:52 AM  
img.fark.net


no overdraft fees and they refund all ATM fee transactions every month
 
2014-07-14 12:02:26 PM  

gopher321: Who the hell uses those places anyway? Get direct deposit for crying out loud.


People who dont have good credit.  The reasons for having poor credit are far and wide (I personally have a bankruptcy on my record thanks to a business that failed due to me being the victim of fraud/embezzlement), but when you can't slap an unexpected expense on a credit card, sometimes your only option is a payday or pawn loan.  It sucks, but it is what it is.

I had to get a title loan a few months ago because two customers (allegedly) used stolen credit cards to make large purchases from my new business.  Put my account upside down when the chargebacks came through, and I had to come up with $3,000 cash to right the balance before I could process any new payments.  Couldnt sell anything to make money, cant pay the balance without sales... I had extremely limited options.

/Maybe I'm just an idiot for continuing to be self employed, or people can blame me for not keeping large cash reserves around to weather these kinds of storms, but it just isnt in my current deck of cards.  I'd love to have a war chest like I used to have in my old company, but bootstrapping my new company post-bankruptcy has precluded that from being an option.
 
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