Category Archives: payday loans in arizona

Banks to payday loan providers: stop business or we’ll close your account

Banks to payday loan providers: stop business or we’ll close your account

Al LePage happens to be issuing pay day loans away from a residential district Minneapolis storefront for the majority of of this previous decade. But on Valentine’s Day, a Water Wells Fargo banker called and gave him thirty days to stop and desist — or danger losing their banking account.

“The only description i obtained ended up being they didn’t want to have customers providing similar loans,” said LePage, owner of Al’$ Check Cashing since they’re not doing payroll advances anymore. “But I operate a appropriate company.”

LePage is part of the revolution of payday loan providers who state they’ve been being persecuted by banking institutions during the behest of federal regulators. Continue reading