Major banks are behind the Internet-based payday lenders that offer short-term loans with interest rates sometimes exceeding 500 percent. http://www.nytimes.com/2013/02/24/business/major-banks-aid-in-payday-loans-banned-by-states.html?hp&_r=0 JPMorgan Chase, Bank of America and Wells Fargo allow lenders to tap checking accounts even after the customers have begged them to stop the withdrawals. Many customers who are already on shaky financial footing face a cascade of fees from problems like overdrafts. Roughly 27 percent of payday loan borrowers say that the loans caused them to overdraw their accounts. Under federal law, customers are allowed to stop authorized withdrawals from their account. Still, some borrowers say their banks do not heed requests to stop the loans. Chase charged one customer $1,523 in fees, a combination of 44 insufficient fund fees, extended overdraft fees and service fees. The loans, with annual interest rates of 730 percent and 584 percent skirt New York law.