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In many areas, these brick-and-mortar branches may give customers analternative to price-gouging check cashing servicesand high-interest payday loans.
Is Chase Bank Opening Locations in Unbanked Areas?
If these places get a brick-and-mortar Chase location, it can end up saving local residents a lot ofmoney.
They are also more likely to use alternatives like check-cashing and payday loan shops.
Fees at a check-cashing service are often a percentage of the check, instead of a flat fee.
Sometimes they can go as high as 12%.
Can You Get a Payday Loan at Chase?
However, payday loans may come with predatory fees.
Payday loan providers may charge $15 to $20 for every $100 offered.
Some interest rates on payday loans can get as high as 600% per year.
Why Is Chase Bank Opening These Locations Now?
So why is Chase Bank willing to open locations in these areas now?
Personal savings balances at this branch grew by 73% over four years.
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