Posted July 20, 2017
BC ACORN members were out in force in downtown New West yesterday, July 19, as they rallied for fair banking. Members marched down Columbia Street, chanting and holding up signs demanding an end to predatory lending. The rally culminated with members delivering a letter to each of the big banks in the vicinity, with the letter outlining ACORN’s demands for fair banking. Members are calling for the banks to do more to make banking inclusive for low and moderate income people, so that already marginalized groups are not forced to rely on the service of predatory lenders. The demands include:
- Provide access to low interest credit for emergencies;
- Provide low interest overdraft protection;
- No-holds on checks;
- Lower NSF fees from $45 to $10;
- Provide products geared toward low and moderate income families that offer alternatives to predatory lenders;
- Cooperate in a national anti-predatory lending strategy.
Plans for the rally arose during a recent BC ACORN leader meeting, where members expressed their frustration at predatory lending. Speaking about her experience of predatory lenders, BC ACORN member Melanie said, ““I took out a payday loan to help my friend and now I’m stuck paying $133 every month as I can’t afford to pay it back”. Members hope that the action will draw attention to the impact of predatory lending and force banks to make their practices fairer for low and moderate income people.
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