Answering Listener Questions About Bank of America's Payday Loan Thing + Chase Fake Gives $29B More Than BofA to End Racism!

<p>After a very popular podcast and Twitter posts I did last week in regards to the <a href="https://newsroom.bankofamerica.com/press-releases/bank-america-introduces-balance-assist-revolutionary-new-short-term-low-cost-loan">Bank of America announcement that they will be offering small loans to help customers bridge the gaps between checks (aka Payday Loans)</a>, I received over 100 DMs, emails and social media engagements. Most of them were in agreement with me, but some understandably questioned my dissent to this product.</p> <p>To my longtime listeners Seth in Atlanta, Kerri in Arvada, CO, and Lance in Corvalis OR, thanks for the feedback. I answered their questions they posed to me in this podcast. I talk about my reasons again for not liking the loan, and what should be something they should offer instead. This story will not die!</p> <p><br></p> <p>Plus, I talk about a story I neglected to mention about a bank we never have enough time to talk about. <a href="https://institute.jpmorganchase.com/news-stories/jpmc-commits-30-billion-to-advance-racial-equity">Chase committed $30 Billion over 5 years to "Advance Racial Equity"</a>, which sounds very familiar to <a href="https://newsroom.bankofamerica.com/press-releases/bank-america-announces-four-year-1-billion-commitment-supporting-economic">BofA's way of announcing their $1 Billion donation</a>. Of course, I believe that most of the money in this commitment will never touch a customer's hand directly. Almost half of the $30B will be lent to fund construction of low income rentals.. So it will be used to keep POC in the same situation they are already in? (Makes confused Scooby-Doo sound)</p> <p>In this segment, I talk about how lending for home ownership is inflated by a flat number: $200k</p> <p>I talk more about the rental thing.</p> <p>I also discuss how they are going to "help" 1 million low income customers get low-cost bank accounts, when they very easily could give free accounts. It's all so ridiculous.</p> <p>But honestly, shout out to Chase for at