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The one and only bank that offers Direct Deposit Advance, Wells Fargo, will sooner discontinue the Direct Deposit Advance Service. This service has been used up by millions of Wells Fargo customers specially those who are independent with social security deposit. The Direct Deposit Advance loan has been considered as the quickest and easiest way to access emergency funds.

This coming May 25th, 2014 the direct deposit advance will no longer be available. The service can only be use until May 24th this year.

This is based on the studies and arguments. the service is not really helping most customers as it is very similar to other pay day loan and lenders that charges high interest rates and uses the borrower's upcoming paycheck as a collateral. In addition, this can also cause never ending cycle of high cost debt for the consumers who can hardly afford it.

Even though the service will no longer be available before the end of the 1st quarter this year, Wells Fargo have said "Wells Fargo offers spectrum of credit products that are designed to meet customer needs, including unsecured credit card, line of credits and secured credit card, which can help customers build or rebuild their credit. As always, Wells Fargo encourages customers to talk to a banker about their unique credit or account management need."

Acknowledgement: Wells Fargo Bank