Some major banks will no longer offer advances that are payday-like

Some major banks will no longer offer advances that are payday-like

A Wells Fargo bank in W dbury, Minn. (Picture Karen Bleier, AFP/Getty Pictures)

The high-cost, quick-fix deposit advance loans made available from some banking institutions are going to be discontinued in 2014 after customer advocates dubbed the merchandise as debt traps.

Both Fifth Third Bank and Wells Fargo, which had customers in Michigan, will put limits on new customers enrolling in deposit advance products as of Saturday. Continue reading “Some major banks will no longer offer advances that are payday-like”