Watch out predatory cash advance and payday loan lenders! The banks are listening to customers and are observing bad practices. The largest U.S. bank, J.P. Morgan Chase & Co., has now made it easier for their customers to fight against abusive lender practices.

When you get yourself involved with a short-term loan lender which does not like to follow rules and regulations, your bank account can be severely affected. Insufficient fund fees and overdraft banks fees can severely affect finances.

When you take out a cash advance, the costs of the loan are disclosed and a due date is set. Most lenders will set the payoff date based on the borrower's pay cycle. A good lender will even make a courtesy call to remind the customer that the debit is coming soon. A customer is fully aware of all charges which will stem from insufficient funds. When the debit does not go through according to the loan terms, the lender will call to make other arrangements. In this whole mess, the bank will collect overdraft fees, it's a double whammy.

A predatory lender does not stop at one attempt to get the money. This is the big problem Chase Bank is trying to get a handle on. A predatory lender with bad practices will continue to try to debit an account without contacting the borrower. The money wasn't in there in the morning, so let's try again a few hours later. Still no money, The lender will check. Repeatedly trying to collect funds which collect insufficient funds each time, is a practice that borrowers find offensive and in fact really are abusive.

Just so you know, it isn't just short-term loan lenders who abuse their debit privileges, but for those people trying to avoid inappropriate payment collections, getting the bank to back them is a huge success. What will Chase Bank do for the customer,

*Stop processing multiple requests for payment. One attempt to collect for the same bill is efficient.

*The bank will only charge the account holder one time by the repeated collections attempts.

*The bank will proactively try to identify abusive lending practices.

*It will enhance the policy to allow the account holder to stop payment.

*Customers will be able to close accounts easier when there are pending charges present.

It's a start. JPMorgan Chase Bank & Co. is giving customers more power to battle against the predatory lender. It will not keep a person from owing the lender money, but it will help to alleviate the build-up of extra fees both to the lender and the bank. Most banks will charge an average of $35 for each overdraft. In addition to the bank, a lender will charge an insufficient fund fee, on average $25-$30. If there was not enough money to make the loan payment, a borrower could see more than $60 in combined fees. Multiply this amount by the attempts made by the lender. The bank will collect as soon as there is a deposit and the lender will tack the additional fees onto the loan and then charge interest.

Relief is coming. Watch for more banks to follow suit. Take the time to find a responsible cash advance lender in order to protect your account from a predatory lender.

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