Comments on: Two Banks will Offer Refund Checks

By: Mark

Mark — Sat, 21 Jan 2012 00:59:24 +0000

The real losers from eliminating refund anticipation loans are not the banks and tax preparation companies. The losers are the clients who – after being fully informed about the costs of RALs and other no/low-cost alternatives – would want to use a RAL to get thousands of dollars in 1 to 2 days instead of 11 days. Some people choose to pay $60 to get $3000 earlier to pay bills for rent, living expenses, and other immediate financial needs. Eliminating RALs is another case of “smart” people in government and “public interest” groups eliminating a product that was beneficial to many people.

By: Michael W Perkins

Michael W Perkins — Fri, 20 Jan 2012 19:50:41 +0000

I agree with Jim Wells. This is a consumer choice. It’s a 1 time a year product. Funny I don’t see the FDIC or the Treasury Dept. raising havoc over payday lenders. That’s an abusive consumer product. Besides that, the gov’t kicks in Earned Income Credit for the low income people, up to $5,751.00. There is an abuse! Government needs to mind it’s own business. If they take of their own fiasco, we wouldn’t have the economic mess they helped create.

By: Jim Wells

Jim Wells — Fri, 20 Jan 2012 12:02:57 +0000

The FDIC’s continuing vendetta against refund anticipation loans is an abuse of its regulatory power to further a misguided social agenda. So long as RALs are legal and consumers use them the FDIC’s actions are unnecessary to carry out its required duties, and an unfair intrusion into the market. Would that they had spent at least this much effort to supervising banks to prevent the mortgage mess that was allowed to grow into a global financial catastrophe because of regulatory ineptitude.