ProgressOhio

This and a Cornhole Tournament!

Every small town in Ohio seems to have a payday loan-type business or two these days. I hope the owners of these businesses won't abandon their communities and can adapt to this new law.

Although this bill seems good to stem the tide of outragious fees by such businesses, it should have addressed the outragious fees that banks charge for some of their "dealings" such as overdrafts. Not only are the fees outragious...they seem to time the fee posting to compound them so an already outragious $40 fee can easily turn into $80, $120, etc.

I found myself short about $40 to $50 in my checking account one time and took a payday loan out for $100 to cover it. The $15 fee on this is much better than the $40+ I may have encountered from the bank if the account got overdrawn!