Examples beyond Payday Advances. The FTC has taken a number of instances against online merchants that deceptively enroll customers in account clubs as well as other add-on solutions

Examples beyond Payday Advances. The FTC has taken a number of instances against online merchants that deceptively enroll customers in account clubs as well as other add-on solutions

Example: Baptiste v. Chase

The issues that customers face if they ask their standard bank for assistance with stopping re re payments and shutting a free account are profoundly illustrated in a 2012 federal lawsuit brought by brand brand brand New Economy Project against JPMorgan Chase Bank with respect to two low-income ladies in ny, Sabrina Baptiste and Ivy Brodsky.16 Online loan providers had made pay day loans to both ladies then over over repeatedly debited their bank reports, draining them of funds. Chase has since consented to make modifications to its techniques, but we’ve seen examples of much the same dilemmas at other institutions that are financial.

Even though that it’s unlawful to increase pay day loans to ny residents, Chase declined the women’s duplicated requests to avoid lenders from debiting their reports, after which charged them repeated overdraft or came back item charges. Continue reading “Examples beyond Payday Advances. The FTC has taken a number of instances against online merchants that deceptively enroll customers in account clubs as well as other add-on solutions”