Some of the biggest banks in the country—Wells Fargo, Regions, Fifth Third, and US Bank—offered “deposit advance” products to military servicemembers. Those “advances” are essentially high interest loans.
The federal Military Lending Act (MLA) is meant to protect members of the military from predatory financial practices. It may bar such “deposit advance” loans to servicemembers. And It may provide you with rights regarding any deposit advances you have taken from Wells Fargo, Regions and US Bank.
We believe servicemembers putting their life on the line for our country should not be subject to these high interest loans.