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Banking institutions to payday loan providers: stop the company or we’ll close your bank account

Banking institutions to payday loan providers: stop the company or we’ll close your bank account

Al LePage is issuing pay day loans away from a residential district Minneapolis storefront for some regarding the decade that is past. But on Valentine’s Day, a Water Wells Fargo banker called and gave him thirty day period to stop and desist — or danger losing their banking account.

“The only description i acquired ended up being since they’re perhaps not doing payroll improvements any longer, they didn’t wish to have clients providing comparable loans,” said LePage, owner of Al’$ check always Cashing.

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