Arkansas kicks out pay day lenders

[AZRedhawk44]

now banks are doing the kiting.  they caon and do clear your stuff fast. unless you deposit a large check then they play the 5 day hold game.  quite amusing when you have acess for both accounts and see how quickly the checks actually clear

I don't see that at all.

My pay checks are instantaneously available.  Whether via ETF, or by hand deposit.

I bank with a Credit Union though.  I left behind all the traditional banks around 2001 and haven't looked back.

[cassandra and sara's daddy]

deposit a larger check and they play the game.  quite amusing as their justification is the money has to clear. i know that the check i deposited monday the money was gone from the drawn upon acct tuesday and its still not showing in my acct. and remarkably when the checks go the reverse direction it happens too

[Declaration Day]

deposit a larger check and they play the game.  quite amusing as their justification is the money has to clear.

Yes, they do.  My wife got a check from a lawsuit settlement a few months ago.  I won't disclose the amount but it was substantial.  We took it to our bank and they told us it would take eleven business days to clear.  So we went to the issuing bank, where we were treated as though we were trying to pull a fake check scam, told we had to open an account there, and it would take....you guessed it....... eleven business days to clear.  We ended up depositing it in our existing account and waiting it out.  Damn, that was a looong two weeks.

[Waitone]

Payday loan calculator
http://www.creditprovide.com/calculator/paydayloancalculator.html

[cassandra and sara's daddy]

in one case i had a rather large check from a family member.they pulled the same crap  and again i know what date the money left their account

[red headed stranger]

I have a friend who owns a payday lending company. I asked him about the high interest but he said that was an apr rate and most folks pay their loans off in less than a month, so the actual interest if lower.

He also told me it is cheaper for folks to borrow $200 from him then to pay the fees banks charge when check bounce. He said banks are behind getting legislation changed to prevent pay day lenders, banks want their $20-50 per bounced check fees.

Makes sense to me.

It would not surprise me at all if the banks were behind some of this legislation.  However, some of the larger banks play both sides and back a number of the check cashing and payday loan places. 

[seeker_two]

It would not surprise me at all if the banks were behind some of this legislation.  However, some of the larger banks play both sides and back a number of the check cashing and payday loan places. 

I'm thinking it was a combination of banks and pawn shops that helped push this through.....

[HankB]

Another game banks play . . . suppose you make a deposit after 3:00 PM on Friday. Even if it's cash, it won't post to your account until Monday. They'll say the teller has balanced, the workday is over, yadda yadda yadda. So you've lost a couple of days of that great 0.1% interest on your deposit.

BUT . . . suppose you withdraw money after 3:00 PM on Friday? Guess what, they manage to post it that very day! And . . . the bank doesn't have to pay you that 0.1% interest over the weekend, either, since the money is gone!

Amazing how that works out, isn't it?   :rolleyes:

[AJ Dual]

Indeed, they're making micro-interest while the funds are on their ledger for those 3-5 days. It's not even a penny for most transactions, but the sum total of them, it adds up.