Major Banks Aid in Payday Loans Banned by States By JESSICA SILVER-GREENBERG

[John2]

8. It is because

the Banks are sharing the profits for over drafts and other fees. If the consumer broke the law, the Banks would freeze their account, but they will honor any transaction if pay day lenders broke laws. They would allow the illegal transactions to continue in order to increase the debt to the consumer. The consumer has no authority over his or her account. These big banks are just monopolies too. They are no different than people that form Unions. That is the problem with privatization. If you get a small group of investors to control everything, then they can theoretically control the entire market by setting agreements. Pay day lenders are the same way. They can make agreements with Banks to screw the consumer. In turn, they all make profits unless the Government steps in to control them or protect the little guy. America's biggest threat is not Socialism but Vulture Capitalists.