J.P. Morgan Chase has taken steps to help depositors who have taken out payday loans avoid the most financially costly parts of those loans.
The bank announced Tuesday that beginning at the end of May it will only charge a fee for insufficient funds the first time a check is presented in a 30-day period and not an additional fee for every time the check might be put through.
This is to lessen the costs of having a payday lender put a check through multiple times for a loan.
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