washington state payday loans

Let consumers' action go beyond Bank Transfer Day

Yet many consumers chose to act right away. Before “Bank Transfer Day”, the Washington Post recently reported that over the past month, the National Association of Federal Credit Unions recorded a 350 percent increase in web traffic to its online credit union locator. The portal, www.CULookup.com matches visitors with institutions they might be eligible to join based on affiliations, such as school, employer or church. According to Bill Cheney, CEO of the Credit Union National Association (CUNA), “If all of the people signed up to participate in "Bank Transfer Day" on Saturday do so, and remain credit union members over the year that follows, those consumers will save a combined $4.8 million. Combine that with the $5 per month that they WON'T be paying in debit card fees, and you're up to $5.1 million.” With consumers everywhere needing to contain costs and stretch dollars further, it would be wonderful if November 5 marked the beginning rather than an end to consumers acting in concert to change bank practices. Consumers clearly understood the new debit card fee; far less clarity surrounds overdraft fees, a nagging consumer nemesis. All too often, consumers do not know of these mounting charges until they receive a bank statement. According to research by the Center for Responsible Lending, bank overdraft fees cost customers $24 billion each year. Although the Dodd-Frank Consumer Protection Act guarantees that banks can only assess these fees once a customer opts in, there is still something inherently unfair about an average $35 fee per debit card transaction instead of just declining a purchase and avoiding the fee. CRL research also found overwhelming consumer support for the fee-free denial.

Payday Loans Restricted by Washington State Law Makers | Payday ...

A new law that has been written into the books this year may interfere with the ability of many to get emergency funds by limiting access to payday loans across the state of Washington. The law which officially took effect January 1, 2010, has already received some seriously mixed reviews from both sides of the debate. Many are wondering whether the new legislation, which drastically affects the payday loans industry in the state, will be helpful or if it will be a hindrance for both the borrowers and lenders who rely on such services on a regular basis.

Legislation began as a result of years of bitter fighting between the payday loans industry and consumer advocate groups who were concerned about the potential risk for abuse and dependency from borrowers and loaners alike. The main idea is to set strict limits on what consumers can borrow and provide them with more payment options. The objective of the new law is to encourage borrowers to step up and take more responsibility for their monthly budget and get their debt under control. What lawmakers fail to take into account is that many consumers honestly need the money and feel the sting of the recent legislation. Lawmakers shouldn’t have the right to tell people how they spend their own money. It isn’t the government’s place to baby sit people after all.

Payday Loans Reviews

The new law requires payday lenders to be more lenient on receiving payment by forcing them to provide a payment plan rather than requiring to be paid in a one lump sum. Unfortunately for consumers, the new law severely limits the amount of money a person can borrow and places a cap on the number of payday loans one can take out in a given year.

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