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Our Message to Big Banks: Change the Way You Do Business!

Business  (tags: banking, payday_loans, gouging, usurial_interest )

- 2732 days ago -
Despite record high unemployment, foreclosures, and budget deficits, one business continues to flourish: Payday Loans. Their secret? Small loans to working class people at an average of 455% interest.

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Barbara K (60)
Tuesday November 30, 2010, 12:16 pm
They are as bad as Loan Sharks belonging to the Mafia.

Cher C (1429)
Tuesday November 30, 2010, 12:16 pm

Thnx sweetie!!!!


Carole Sarcinello (338)
Tuesday November 30, 2010, 12:17 pm

Yes, they are, Barbara!

And, it's time we stopped allowing them to feed on those most needy.

Carole Sarcinello (338)
Tuesday November 30, 2010, 12:18 pm

Despite record high unemployment, foreclosures, and budget deficits, one business continues to flourish: Payday Loans.

Their secret? Small loans to working class people at an average of 455% interest. Their other secret? Financial backing from major banks like Bank of America, Wells Fargo, and JP Morgan Chase.

Banks provide over $1.5 billion in credit that funds an estimated $15 billion in payday and cash advance loans. In America today there are nearly as many payday lending outlets as there are McDonald’s and Starbucks combined.
Payday loans wouldn't exist without the financial backing of the big banks, as revealed in our report, The Predators' Creditors.

Payday lenders prey on people in need, exploit lower and middle class America, and drain wealth from our communities.

We need the big banks to immediately stop funding payday lenders and begin offering affordable small dollar loan programs in all communities. We will deliver this petition to each of the banks and their regulators demanding the banks immediately stop this unsafe, unsound and destructive practice.

Alice C (1797)
Tuesday November 30, 2010, 12:18 pm
Thank you for posting this information !

Ben O (171)
Tuesday November 30, 2010, 12:19 pm
Done! (I know, Ilive in Sweden, but my imagination takes me to Illinois now and then...)

Carole Sarcinello (338)
Tuesday November 30, 2010, 12:20 pm



Alice C (1797)
Tuesday November 30, 2010, 12:21 pm
Signed !

Cary Mostly-Away (94)
Tuesday November 30, 2010, 12:36 pm
The fiat monetary system is a form of imprisonment the public has not yet realized.

Cary Mostly-Away (94)
Tuesday November 30, 2010, 12:41 pm
Ron Paul to be appointed Committee Chair overseeing Federal Reserve

Beverly L (72)
Tuesday November 30, 2010, 12:49 pm
Thank you so much for posting this Carole! A few years ago when I was going through a divorce and my son and I were really struggling I got desperate and went to a couple of these for help ~ it took me over a year to pay them off. They prey on hardworking people, knowing the odds are they can't pay back the loan in 2 weeks or a month. PEOPLE, PEOPLE, PEOPLE - Believe me when I tell you do anything you can to prevent from ever having to go this far.

Barbara W (342)
Tuesday November 30, 2010, 12:54 pm
SIGNED and moving! Thank you Carole.


AMERICA cannot heal unless we take back what's been lost! INTEGRITY, HONEST bargaining and, a place at the table!

Beverly L (72)
Tuesday November 30, 2010, 12:54 pm
I have to add 1 thing ~ there was one loan I couldn't pay back in time, I got to the office after it closed. The next day they sent the check through my bank computer system not 1 time but 3 times in 1 day, thus collecting $900 from my checking account for a $300 loan. Luckily my bank manager called me and asked about it (it was a small bank where everyone knew me), she got the extra $600 back for me and everything was OK, but I learned my lesson.

Carole Sarcinello (338)
Tuesday November 30, 2010, 12:58 pm

These institutions are immoral VAMPIRES!

The only people who would even consider these loans are those with bad or no credit, who are desperate for enough money to take them to their next payday -- usually with children, and in need of reconnecting electricity, or buying groceries, or putting gas in their cars to make it to their jobs.


Deb E (63)
Tuesday November 30, 2010, 1:03 pm
It is also illegal (in many States) for these people to give loans to people on only a government disability check against that check, but many do it anyway. Many people do not know that their disability check cannot be garnished by anyone. They cannot attach a bank account nor can they send threats if someone on disability cannot pay a "payday loan" that was given against the disability check. If anyone managed to get one of these loans and are only on disability, you should seek the services of your local legal aide and/or Senators to possibly get the loan forgiven. Yeah, we need "less regulation", right? I'm sick of these banks preying on the destitute! Thanks, Carole

Jae A (316)
Tuesday November 30, 2010, 1:04 pm
Legal loan sharks...that about says it I think.

Angelika R (143)
Tuesday November 30, 2010, 1:13 pm
"average of 455% interest. "- S A Y W H A T ??????????? JAIL THEM!!!!

Angelika R (143)
Tuesday November 30, 2010, 1:16 pm
I guess you all have heard that coming soon wikileaks will put out yet some more hundreds of documents about the nasty practices of the big banks, one in particular- awaiting this in suspense!

Linda G (187)
Tuesday November 30, 2010, 1:17 pm
Noted, signed and shared. Greed, greed, greed. When is too much enough?

ChanTlalok Rain C (363)
Tuesday November 30, 2010, 1:28 pm
thanx Carole for posting, wow I didn't know the Big Banks owned these blood suckers. I recently found out that my daughter a school teacher used their services, I couldn't believe the interest she paid. I convinced her to pay off the dam debt. She borrowed $500 in July and had been paying the interest of $152.50 per month at 5 months. Your right Jae & Barbara Legal Loan Sharks.

Carole Sarcinello (338)
Tuesday November 30, 2010, 1:44 pm

This is neither unusual, nor something to be ashamed of.

My own daughter, who I moved from Florida to Los Angeles to help, was embarrassed to tell me that she had taken a "payday loan" to get her (with 2 children, raising them alone) to payday; and to reconnect her electric and buy groceries.

I was in SHOCK when I saw that, with her payments, the balance only became unmanageable higher!

Yes, they fully disclose the charges; but they purposely prey upon those who have no other resources and who are desperate.

It's despicable.

Pamylle G (461)
Tuesday November 30, 2010, 1:45 pm
Signed !

Past Member (0)
Tuesday November 30, 2010, 1:47 pm
My sentiments exactly Barbara - they are the same or worse than loan sharks. If more people approached their families and paid them a fair amount of interest - these damn loan sharks would go out of business. Most people are ashamed to ask a family member or a friend - but I am sure you would be very surprised how many would help you out at a reasonable rate. Really - 500.00 and the pay back over only 5 months was 262.50. Too many people are desperate these days and why should they be raped by these types of organizations when we can help.

Sandrea S (278)
Tuesday November 30, 2010, 1:49 pm
It's a viscious circle where they claw the loan out of your pay cheque, so you borrow again to have enough money to pay bills and live on, round after round. Only a freak windfall will get you out of their clutches.
Thanks for raising this issue, Carole.

Sandrea S (278)
Tuesday November 30, 2010, 1:52 pm
I apologize.... I said I signed before I went to sign the petition only to find it's States only.

Carole Sarcinello (338)
Tuesday November 30, 2010, 1:53 pm

Thanks to all who commented and showed the compassion warranted.

These people are nothing more than modern-day carpetbaggers!

Mac R (289)
Tuesday November 30, 2010, 1:53 pm
Evil vampires like these need to be stopped!

Stephen Sydebotham (74)
Tuesday November 30, 2010, 2:03 pm
Signed, noted and shared. Metabank needs to be added to the list too. They have they're dirty hands in this pie too!

Eternal G (745)
Tuesday November 30, 2010, 2:47 pm
455% interest?????? Why is this allowed? Isn't this downright criminal?
People need to be protected from these kind of shams, it sure reflects the moral and ethical bankruptcy of a nation. Reminds me of the social and cultural injustices of a couple of centuries ago!
Bloody hell this SCREAMS for reform, asap.

Robert S (111)
Tuesday November 30, 2010, 3:18 pm
I have heard of these recently and believe I heard they were outlawed in some places...but not sure. Lets help to make it so everywhere. They are despicable. Noted, signed and put on FB.

Past Member (0)
Tuesday November 30, 2010, 3:22 pm
Noted and signed, thanks Carole. I thought there were laws against usury...?????

Past Member (0)
Tuesday November 30, 2010, 3:25 pm
Talk about a license to steal!!!!
This is unmitigated greed and total disdain by the haves for the have nots.
Sorry, but this foreigner can't sign.....

Past Member (0)
Tuesday November 30, 2010, 3:38 pm
Signed and noted ! Thank you Carole.

Wells Fargo foreclosed on countless homes in Maine . It seems their practice is to sell them a home raise their mortgage and interest rates then foreclose on them and resell the homes . This is one bank I would stay as far away from as possible.

Past Member (0)
Tuesday November 30, 2010, 4:10 pm
There were many unreported abuses in the financial meltdown.
Many honest business people were dealt devastating financial blows tbrough false reporting and even failures to report by accountants, mtg brokers and loan officers. These attacks were used to rid the criminals of competition that would have revealed and reported the criminal activities. Many honest business people contacted their Senators and Congressmen about the questionable ethics and practices in the real estate market but were routinely ignored. I know, I was one of them. I contacted Richard Shelby of Alabama YEARS before the market crash and was dismissed with form letters.The people have more friends in the business community than they may believe. It would be very interesting to investigate how many of the bad real estate loans were generated by people who had only been in the real estate business since 1990. Many of us are getting a bad rap. Investigate! They are not "Too big to jail". Jail out the crooked bankers.

Angelika R (143)
Tuesday November 30, 2010, 4:52 pm
BREAKING -speaking of WikiLeaks, warrent of arrest issued against Assange, I just heard. Interpol is after him for alleged rape in Sweden.

Angelika R (143)
Tuesday November 30, 2010, 4:54 pm
...oh, and speaking of Sweden, I have the same cronical condition as Ben and that's why I signed, too. Thanks Carole :-)

Barbara W (342)
Tuesday November 30, 2010, 4:59 pm
Angelika, That's been ongoing and those in the know say it's a set up..
I believe that those who have so much to hide will sell their soul to the devil to stop his quest! The messager is always fair game..I pray he finds refuge..


Angela Dubie (306)
Tuesday November 30, 2010, 5:07 pm
Legalized gangsters is nothing new for America, this beast rose to power with the opium wars, prohibition of alcohol and the drug war, by giving them our once free market, we gave them the power that goes with their untold riches, and they bought up all pf the crooked politicians, and therefore our nation!
No one cryed when alcoholicis and drug addicts were forced to deal with gangsters, when our bigotry outlawed the free market, and now these same gangsters control our government, churches and corporations!
A nation is only as strong as it's weekest link, and out bigotry has broken this chain and created a new slave class,we the people, and a master class of educated nobles that control every fascet of American life!
By the time we pay for a dollar, we may have .20 cents left if were lucky, while the middle men are laughing all of the way to the bank, but this too can be fixed if we unite and demand changes!
Demand a constitutional referundum! End the black narket! End all not for profit corporations from lobbiest to churches that are in the political areana! End the wars against the American families, outlaw adultry! Reinstate the free market and free enterprize, and end corporate control! Take the money our of elections and the justice/ prison systems, for starters, and then send the deficet bill to all who have made gains off of the suffering of others, until there are no rich elite no more! America needs a maximun wage, for no one needs a million dollars a year, but we all have a right to a decient living, rid nepitism by taking away the power to hire from corporations to the state and the next person in line, outlaw the term felon, from all of those who have paid their debt to society, and those in complience to said punishment...!
Our laws have created our problems, because they are not founded on constitutional principals, but to weeken America to install a one world government!

Barbara W (342)
Tuesday November 30, 2010, 5:26 pm
Right on Angela!

resignd Cannot remove (139)
Tuesday November 30, 2010, 5:38 pm
Copied the article about Ron Paul being handed post by GOP etc,
"Fmr. Libertarian Party presidential candidate handed top post by GOP
From Eric Dondero:
In what can only be described as a huge victory for the libertarian wing of the GOP, word is leaking out of Washington that Congressman Ron Paul of Texas is about to be appointed Chairman of the Financial Services subcommittee. The committee has near complete oversight of the Federal Reserve.

From The Hill “Paul poised to take on Fed”:
Speculation has swirled that Paul would immediately use his subpoena powers as chairman of the subcommittee to compel testimony from Federal Reserve officials…
Paul said he wants to foster a debate about the Fed’s role in the American economy and begin the push for greater congressional oversight. He said he wants to use the subcommittee to “discuss the relationship of monetary policy to the business cycle and particularly how they create the booms and the busts” in the economy.
A slew of Republican leaders, ranging from former Alaska Gov. Sarah Palin to Speaker-designate John Boehner (R-Ohio), have criticized the Fed’s decision to buy $600 billion worth of Treasury bonds in an attempt to boost the economy. Republican critics argue the action, which essentially amounts to printing money, will only lead to a less valuable dollar and higher inflation.
It is Boehner and soon-to-be House Majority leader Rep. Eric Cantor who have final say in the appointment. Sources indicate that the appointment could come early next week.
Standard Ron Paul disclaimer: This website is a huge fan of Ron Paul on domestic matters, but disagree strongly with his non-interventionist foreign policy. " Copied and pasted for you since I had such a difficult time coordinating my cut and pasting and article not that long.
Heard today that Ecuador has offer Assange political asylum. They are issueing a world wide arrest warrant on the suspicion of rape. Now how often has that happened in history folks? Never. Such a frame up. American leaders are caught with their pants around their ankles and want to as Hillary said yesterday, "will be caught, tortured and killed". If you checked her wording it was a threat, although she started her sentence that the damage to other people could, she ended it such that it seemed evident to me that was a threat against Assange and whomever else. (The Clinton's have a long list on the internet of people who have died under suspicious circumstances who had some inside knowledge of them, Vince Foster being one.) One might consider that there are several journalist involved with Wikileaks, and I think Assange, although has a head position has decided to take the heat so the others are not in any danger.

Hopefully he will bring some change.

resignd Cannot remove (139)
Tuesday November 30, 2010, 5:42 pm
Yes, John C., years ago I wrote a letter to the Federal regulatory agency about a negative amoritized loan I was given on my house when I told them I did not want a negative amortized loan. And they refused to tell me the interest rate although I asked several times. My first home purchase and they kept getting irritated with me saying all I had to worry about was the interest on my loan and my payment was affordable. After two years I learned I owed more than I paid for my house. Lucky I was a RN since I got a second full time job and paid the part off that was the wrap loan causing the negative amortized loan. The Federal agency would do nothing and said there was nothing in writing that showed that I told them I didn't want a neg am loan. Issue solved.

Kathy Chadwell (354)
Tuesday November 30, 2010, 5:46 pm
Noted, signed (though my name isn't showing up yet) posted to myspace, FB & twitters

Kit H (173)
Tuesday November 30, 2010, 6:26 pm

Pat B (356)
Tuesday November 30, 2010, 6:57 pm
Thank you, Carole for this. Definitely signed.

Kit B (276)
Tuesday November 30, 2010, 7:23 pm
Once we had usery laws. Now we are just used.

A useful and important posting, thanks Carole.

Linda h (86)
Tuesday November 30, 2010, 7:56 pm
Terrible. This needs to be stopped. Now.

James W (257)
Tuesday November 30, 2010, 8:04 pm

Agnes H (144)
Tuesday November 30, 2010, 8:30 pm
Signed and Noted! Thank you Carole and will be forwarding!

Barbara W (342)
Tuesday November 30, 2010, 8:35 pm
Carole I hope you don't mind since this is an issue that needs attention now and I am unable to find any share for it..

By the CNN Wire StaffNovember 30, 2010 4:03 p.m. EST
Washington (CNN) -- The Senate passed a food safety bill to give more power to the Food and Drug Administration on Tuesday, more than a year after the House of Representatives passed a similar measure.

The bill, designed to bolster the safety of the nation's food supply, passed 73-25.

A version of the bill passed the House in July 2009 but had languished in the Senate, a fact that has angered some food safety advocates.

A date for another House vote -- this time to provide final passage of the Senate's version of the bill -- has not been set, according to an aide to House Majority Leader Steny Hoyer, D-Maryland.


Michael Carney (217)
Tuesday November 30, 2010, 10:30 pm
Noted, signed and forwarded...The Mafia could only hope to get that type of Interest,

Bonnie B (103)
Tuesday November 30, 2010, 11:01 pm
The CEO's of these banks should be in prison, but Bush made it so what they were and are doing in legal. he should be in jail, too! I left big banks far behind years ago. the "too big to fail" banks should go away!

Signed and noted. Thanks, Carole!

Jeannette A (137)
Tuesday November 30, 2010, 11:41 pm
Done & done... it seems that the biggest crime in America is not being rich and powerful. If you aren't wealthy, it apparently makes you fair game for every unscrupulous predator out there and the government seems to have absolutely no interest in protecting the American public. So we have to watch out for each other....

Krasimira B (175)
Wednesday December 1, 2010, 12:27 am
Jail them!! Noted, thank you Carole.

Marj C (4)
Wednesday December 1, 2010, 12:50 am
What a bunch of crooks.

Past Member (0)
Wednesday December 1, 2010, 12:56 am
The main idea of the banks is to collect the peoples' money and make the peoples "slaves" to them, I'm sorry I try not to say that, but the observer to the current time can see that clearly.

Unfortunately I can't sign the petition, (For USA residents only).

Thanks Carole for posting this.

H Nick H (1826)
Wednesday December 1, 2010, 12:57 am
WARNING. Banks have added some nasty ways they do buiness (in the small print). Let's say you carry a balance...and you can expect an interest charge (which has gone up for everyone). Then, when the next months bill comes, you pay off the whole bill (as required). Guess what, they NOW charge interest again, even though you paid it all off. THEY ARE REALLY CROOKS AND PREY ON THE LOWER MIDDLE CLASS.

Makes me sick.

Bill C (91)
Wednesday December 1, 2010, 2:39 am
Noted and signed, dear *C*. If people living in Sweden and Germany can sign it, then so can anyone. So come on, people, DO something other than piss and moan.

Arild Gone for now (174)
Wednesday December 1, 2010, 2:47 am
Signed and posted on FB, TY "C"

patricia lasek (317)
Wednesday December 1, 2010, 5:21 am
Gladly signed. Thanks Carole.

Bill C., thanks for the belly laugh this AM. ROFLMAO

Trish K (93)
Wednesday December 1, 2010, 9:48 am
Yeah, what ever happened to usery laws ? Oh that's right I forgot. Those who have the most money live above the law and are free to use and abuse others until their greedy souls pop. I sure would like to see a greed soul pop . Wonder what it smells like ?

Jim P (3257)
Wednesday December 1, 2010, 10:26 am
Petition signed.

Regulations need to be put into place to restrict these kinds of "loans"...

TY, "C".

Margi L (129)
Wednesday December 1, 2010, 11:00 am

Elle J (276)
Wednesday December 1, 2010, 11:43 am
Noted and signed! Aren't those some of the banks that asked for a bailout from the govenment?

Norm C (74)
Wednesday December 1, 2010, 2:37 pm
Signed and noted.

Break up the BIG banks. Their size does nothing for the country. Their arrogance does great harm. Their immorality and illegality is a disgrace

Norm C (74)
Wednesday December 1, 2010, 2:38 pm
Breaking them up is the only way we wiill get them to clean up their act. They need to be made smaller if we are going to expect them to listen to anyone.

Carole Sarcinello (338)
Wednesday December 1, 2010, 2:39 pm

Got that right, Norm!


Robert S (111)
Wednesday December 1, 2010, 3:50 pm
Souls popping. Good visual and the audio would be satisfying...

Don't even want to consider smelling however.

Charlie L (47)
Thursday December 2, 2010, 2:46 am
Noted and signed. TY Just C. I feel that it's a little ironic to me at least that you posted this Just because I myself have been held hostage by these outfits for about two years. I had a lot of things happen to me all at once, and I no alternative but to go to these establishments.

But the good news is that I was finally able to pay every one of them off yesterday, and I hope I will never have to do business with them ever again.

Angela Dubie (306)
Thursday December 2, 2010, 1:11 pm
Breaking up the big banks...may be a good start to ridding corporate monopolies, but by the time that our no nothing government gets around to it, the whole world may already be owned by just one corporation, and i think that that has been their goal all along!
Our main problem with money, is our monet itself...the federal reserve note, of which is only a promisary note, backed on nothing of real value, and on a broken promice for "all debt, public and private" of which is proven by our prisons, that are full of people over private debt!
We are fighting over this "play money" that is printed at will by the powers that be, with no financial backing what so ever, and a broken promice of a free market, making our money counterfit and bogus, and all of the pushers of it crimionals of the constitution, for it guarantees that our money has a value, worth it's face value!

michael sullivan (1022)
Thursday December 2, 2010, 2:47 pm
These highwaymen are committing highway (a.k.a. payday) robbery EVERY day -- the Big Bank Boys need to put a stop to it -- BUT will they? -- probably not, since they are in cahoots with them -- we DO need to bring these robber barons to their knees -- break them up into smaller, local banks that are NOT TOO BIG TO FAIL! -- I signed the petition -- thanks, Carole!

Sheryl G (363)
Thursday December 2, 2010, 8:27 pm
While these crooks rob the least who can afford it, our Government allows them to continue on. They should never been allowed to exist in the first place. One of these Thieves was on a program a while back, crying, oh we have to charge such high interest, after all we are taking a big risks with who we loan out too. He went on to state how he could barely pay his bills.
The investigator went into looking how he lived, this poor man who was barely getting I'm not the bad guy, I'm doing such a wonderful service. Sure enough, like the rest of these whining crooks, he was living high on the hog for his dastardly deeds.

The Thieves are running the show, in every section of this Country, and we wonder why there has been a breakdown in this economy. Yet, they want the Elders who average $18,000 to help fix this problem the Thieves caused, and to me that is just another form of robbery again.

Good job Carole.......expose the Criminals. If we don't do it maybe we can get the Mayor of London, UK who said they'd arrest Bush if he went over there for his book signing as they don't support torturers, guess Japan already convicted him, and just read a story that interpol has an arrest warrant out for Cheney from Nigeria who has charges on him. Seems the other Countries are doing a better job with our Crooks then we are.

Caitlin M (104)
Thursday December 2, 2010, 9:19 pm
If we found out when the usury laws began to disappear, we'd then know when we were well on our way to the hell we have created now in the US. At one time George Bailey, the local banker, cared about his neighbors and how much it cost them to become home owners. Anonymity has allowed people to detach and become users, as Kit said, without conscience. It is a very toxic society we've become. People like us need to keep at it and keep countering the impersonal disregard for people, no matter how discouraging these conditions are.

Danell A (15)
Thursday December 2, 2010, 10:51 pm
Noted, shared & thank you very much for setting this up here!

Teresa K (33)
Friday December 3, 2010, 12:13 am
Done and done thank you.

Tom C Sullivan (98)
Friday December 3, 2010, 5:31 am
Done deal, I have no use for banks's they are as criooked as our Goverment

Sheryl G (363)
Friday December 3, 2010, 6:27 am
American usury laws tend to vary the admissible rate of interest according to local economic circumstances, with some much more tolerant of high rates than others. In 1999, for instance, the legal rate of simple interest prescribed by state usury laws varied from 5% (Delaware and Wisconsin) to 15% (Washington and South Dakota). However, most state laws have complex definitions of usury that allow various rates for various types of transactions, which is why credit card companies can charge so much more than the legal usury rate. Moreover, during the 1980's, when interest rates had reached record highs, the U.S. Congress exempted national banks from state usury laws and small loan regulations, tying their rates to the prime interest rate instead.

Ramona Thompson (210)
Friday December 3, 2010, 9:16 am
It would shock you if you knew some of the people behind these payday loans. I would encourage everyone to check out some of the owners. Tell your State reps to establish stringent guidelines for aloowable interest rates/penalties if they allow payday loans biz's in your state.

Past Member (0)
Friday December 3, 2010, 10:34 am
Noted and shared. Thank you for this post. This should be outlawed.

Phyllis P (237)
Saturday December 4, 2010, 1:10 pm
Signed and noted

Maria Cristina A (119)
Sunday January 9, 2011, 11:08 am
How cute! They really think about people in dire need of money... tha b****s

joan f r (26)
Monday March 28, 2011, 10:19 am
thanls,signed posted on facebook, twitter and myspace
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