|
|
|
WorkersChoiceUSA
| Cost Comparison
| . |
Average cost for a $1000
an Advance over a 30 Day Period |
Employee Savings using
WorkersChoiceUSA |
WorkersChoiceUSA |
$55.00 |
. |
| Bounced Check (NSF Fees)
(1) |
$87.00 |
$32.00 |
| Overdraft Fees (Bank
Account) (2) |
$100.00 |
$45.00 |
| Credit Card, Advance
Fees (3) |
$109.10 |
$54.10 |
| Payday Loan
(4) |
$300.00 |
$245.00 |
| |
Able to Repay over a
Period of Time |
Payroll-Deduct
Payments |
Successful Payments
Improve Credit Report |
Savings Account
Established for
Customer |
WorkersChoiceUSA |
Yes!
|
Yes!
|
Yes!
|
Yes!
|
| Bounced
Check, NSF Fees |
No |
No |
No |
No |
| Overdraft
Fees (Bank Account) |
No |
No |
No |
No |
| Credit
Card, Advance Fees |
Yes |
No |
Yes |
No |
| Payday
Loan |
Yes |
No |
No |
No |
(1) Assumes three bounced checks assessed the national average
Non-Suffcient Fund (NSF) fee of $29.00 each. This does not take
into account any costs charged by the vendors who accepted the
checks.
(2) Based on an average fee of $10.00 per $100 overdraft in
national bank accounts.
(3) Based on an average fee of $10.91 per $100 advanced by national
credit cards.
(4) Based on a $15 fee per $100 loaned for a 15 day period.
KNOW THE NUMBERS:
$10 BILLION: The current
fees generated by the Payday Loan Industry. Expected to climb
to $24 BILLION by the year 2012.
$18 BILLION: The
amount of Credit Card Advance/Late fees generated in 2007. These
fees are expected to climb 5.5% per year.
$19 BILLION: The
amount of NSF fees generated by banks in 2008.
|
|
|
|
|
About the Program