Bank of America Unironically Becomes Payday Loan Lender: Why This is Bad on so Many Levels!

<p>Bank of America reached Meta status today by <a href="https://newsroom.bankofamerica.com/system/files/Solutions%20to%20Help%20Build%20Financial%20Wellness.pdf">announcing that they will be offering small-dollar loans up to $500 for eligible customers who need "liquidity"</a> according to some Bank of America Executive who doesn't know how real people talk. &nbsp;The product is lamely called "Balance Assist". Bank of America has a disdain for the payday lending industry, and this product is no better.</p> <p><br></p> <p><a href="https://newsroom.bankofamerica.com/press-releases/bank-america-introduces-balance-assist-revolutionary-new-short-term-low-cost-loan">Press Release</a></p> <p><br></p> <p><a href="https://bettermoneyhabits.bankofamerica.com/en/debt/what-is-a-payday-loan">OH BTW, Their website also warns against such products!</a></p> <p>In this podcast, I discuss why I don't like payday loans, my history with them as a kid growing up and as a roommate to college kids. I talk about how the people who need help the most don't need payday loans to get by, they need real help from their banks to get by. I learned of this news while donating plasma, which led me to record a voicemail to myself, which is included in the podcast. &nbsp;</p> <p><br></p> <p>I talk about the articles released by several media sources and how the BofA execs hype this up as some game changer. One article has a quote from a "consumer advocate" for the Financial Health Network praising BofA,<a href="https://finhealthnetwork.org/what-we-do/membership/members/"> without acknowledging BofA is a member of her consumer advocacy group</a></p> <p><br></p> <p><a href="https://webcache.googleusercontent.com/search?q=cache:yQjYDrDiV0QJ:https://www.americanbanker.com/articles/bank-of-america-takes-on-payday-lenders+&amp;cd=14&amp;hl=en&amp;ct=clnk&amp;gl=us">American Banker Article</a></p> <p><a href="https://www.bloomberg.com/news/articles/2020-10-08/bofa-debuts-small-dollar-loans-in-threat-to-payday-lenders">Bloomberg Article</a></p> <p><a hre