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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Les H who wrote (240232)3/7/2010 12:03:18 AM
From: James HuttonRead Replies (2) of 306849
 
Ironically, here in Ohio - home of Fifth Third - they recently outlawed check cashing joints for doing the same thing.

"Banks including Cincinnati-based Fifth Third Bancorp, San Francisco-based Wells Fargo & Co., the fourth-largest U.S. bank, and U.S. Bancorp, based in Minneapolis, are already making such loans, usually from $100 to $500, at annual rates of 120 percent if repaid in 30 days. They’re known as “checking advance products.” That puts them in competition with so-called payday loan stores, which make loans with similar terms to customers who generally don’t have credit cards to bridge the gap until the check comes, according to Rowe, whose firm advises banks."
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