Posts Tagged Federal Deposit Insurance Corp

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FDIC: Payday Loans a Superior Form of Short Term Credit — Seeking Alpha

The November 2008 FDIC Study of Bank Overdraft Programs (ODP) proves beyond the shadow of a doubt what we’ve known all along: payday loans are a much cheaper short-term credit alternative than bank overdraft protection programs.

They go on to state the following conclusive points:

You can bounce a check for $60 and get charged $27 in NSF fees by your bank, or you can take out a $60 payday loan for $9.
Not even the ideologues can counter this argument. Simple fact. Right there in black and white. Just read the entire report yourself.

What do you think about the conclusions of the FDIC report?