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King’s quest for economic justice continues

Monday, January 9, 2023
Charlene Crowell | The Philadelphia Tribune

Marisabel Torres, speaking on behalf of the Center for Responsible Lending said, “When the borrower’s BNPL loan is linked to a bank account that lacks sufficient funds for payment, the BNPL lender’s payment attempts will typically trigger highly punitive non-sufficient funds [NSF] and/or overdraft fees … These fees in turn are highly associated with closed bank accounts and exclusion from the financial system. Or, the borrower may have sufficient funds for the BNPL payment but then be left without sufficient funds for other essential living expenses or debts. And many BNPL providers charge their own late or returned payment fees on top of the fees charged by banks.”