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Comment Letter to Federal Banking Regulators, on Unauthorized Debits by Payday Lenders

Comment Letter to Federal Banking Regulators, on Unauthorized Debits by Payday Lenders

The undersigned teams compose to ask you to definitely do something to handle systematic conditions that customers have actually along with their finance institutions if the customer tries to stop preauthorized along with other re re re payments, to avoid or reverse illegal or unauthorized fees, or even to shut their account. These issues usually arise when you look at the context of preauthorized re re re payments for pay day loans and for products or solutions that need recurring re re payments, such as for instance fitness center subscriptions or clubs that are online. Read more