Your bank, that's who: Despite payday lenders' well-deserved reputations for charging insanely high rates for the short-term loans, if you overdraft your plain-vanilla bank account, you'll get zapped by an even more usurious system.
Google's ex-CIO has moved from the world of Web searches to the world of high-interest, short-term lending. He says ZestCash.com offers an innovative way to help the poorest borrowers avoid financial emergencies. But is this just a slick veneer putting a shine on the classic payday lending business?
More people in Southeast don't have bank accounts than in any other part of the country. Mississippi leads the country with more than 16% of households using cash-and-carry for all their transactions. That's a situation that can keep families from climbing the ladder of success.
