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16 comments

1 CuriousLurker  Tue, Jun 18, 2013 5:46:22am

WTF? That’s frickin’ highway robbery. My salary is via direct deposit every month, and as long as I have DD there are no monthly fees for my bank account, for getting cash back at a store, or for getting cash from one of my bank’s ATMs with my debit card.

2 Vicious Babushka  Tue, Jun 18, 2013 5:50:40am

re: #1 CuriousLurker

WTF? That’s frickin’ highway robbery. My salary is via direct deposit every month, and as long as I have DD there are no monthly fees for my bank account, for getting cash back at a store, or for getting cash from one of my bank’s ATMs with my debit card.

McD’s and Walmart workers, and any other minimum wage earner, usually don’t have bank accounts because they are frequently overdrawn. They have to rely on check cashing, “advance paycheck” and other high-fee services that are barely legal loan sharks.

ATM’s charge a fee if the user does not have an account at the bank that maintains the ATM.

It’s just another example of how the poor get screwed over.

3 CuriousLurker  Tue, Jun 18, 2013 5:56:58am

re: #2 Vicious Babushka

McD’s and Walmart workers, and any other minimum wage earner, usually don’t have bank accounts because they are frequently overdrawn. They have to rely on check cashing, “advance paycheck” and other high-fee services that are barely legal loan sharks.

ATM’s charge a fee if the user does not have an account at the bank that maintains the ATM.

It’s just another example of how the poor get screwed over.

QFT. It’s really disgusting.

I almost never use my debit card at an ATM that isn’t maintained by my bank as the company who the machine belongs to usually charges around $3, then my bank charges another $2 fee.

4 RadicalModerate  Tue, Jun 18, 2013 6:33:40am

I get the feeling that this particular McDonald’s franchise is going to be in significant legal trouble due to the fact that it didn’t document the employee’s pay rate (and I’m assuming other payroll details) on her pay stub.

Regarding Chase’s fee-laden debit card, this is the very reason that I don’t have an account with a megabank, but instead do business with my local Credit Union. With direct deposit, not only do I have zero checking account fees, but all ATM transactions are completely free, which includes the refunding of any surcharges by third-party ATMs. If I were to get a bank overdraft (luckily haven’t had one on over 10 years), not only am I protected by my savings account, but also by my credit card’s credit line. Since they are part of the Shared Branches network, there are roughly 7000 offices nationwide I can walk into and do business exactly like it is my local branch.

5 Dr. Matt  Tue, Jun 18, 2013 7:20:13am

The reason why most companies have mandatory direct deposit because it’s cheaper and more efficient to manage payroll. This is frickn’ insane.

6 Vicious Babushka  Tue, Jun 18, 2013 8:21:05am

re: #5 Dr. Matt

The reason why most companies have mandatory direct deposit because it’s cheaper and more efficient to manage payroll. This is frickn’ insane.

What about employees who do not have a bank account? (Because they live from paycheck to paycheck)

7 Eclectic Cyborg  Tue, Jun 18, 2013 12:08:32pm

re: #6 Vicious Babushka

What about employees who do not have a bank account? (Because they live from paycheck to paycheck)

Precisely. I used to work for a company that uses these cards. My current employer offers them as well and I’ve noticed them becoming a trend among other companies too.

The truly sad part is the people that will be dealing with these cards the most are probably completely unaware of all the fees and junk attached to them. The $1 charge for a balance inquiry is beyond stupid.

8 First As Tragedy, Then As Farce  Tue, Jun 18, 2013 12:38:54pm

re: #7 Eclectic Cyborg

I wonder how long it will be before some employers start trying to roll out something functionally similar to the “company scrip” of the good old days?

9 Dr. Matt  Tue, Jun 18, 2013 1:31:01pm

re: #6 Vicious Babushka

What about employees who do not have a bank account? (Because they live from paycheck to paycheck)

Simple. Open one. BFD. I lived a good part of my life paycheck-to-paycheck and still had a bank account. Save your fake Glenn Greenwald outrage.

10 Political Atheist  Tue, Jun 18, 2013 2:11:18pm

re: #9 Dr. Matt

Simple. Open one. BFD. I lived a good part of my life paycheck-to-paycheck and still had a bank account. Save your fake Glenn Greenwald outrage.

Glen Greenwald? Overstate much? And VB posts from the heart and mind. Nothing fake about her.

You probably had identification. And transportation. Two things that the working poor sometimes lack.

11 celticdragon  Tue, Jun 18, 2013 3:02:58pm

re: #8 First As Tragedy, Then As Farce

I wonder how long it will be before some employers start trying to roll out something functionally similar to the “company scrip” of the good old days?

Just what I was thinking.

12 Bubblehead II  Tue, Jun 18, 2013 4:23:09pm

My current employer tried to introduce this type of program. But after a LOT of push back from the “Team”, silently killed it as an option.

Same concerns raised. The biggest was a $1.00 surcharge for every transaction made with the card. Did not go down well when it was pointed out.

One wonders what sort of kickback was offered to the companies who tried, and maybe succeeded in implementing this program.

BTW, these types of cards don’t require you tou have a checking or savings account. They are simular to the grenn dot cards. Another type of scam

13 Vicious Babushka  Tue, Jun 18, 2013 5:02:44pm

5 Things Nobody Tells You About Being Poor

Even though it’s from Cracked.com, definitely NOT a humor article.

You Get Charged For Using Your Own Money

The bank can hit you with a $35 fine for every charge that comes in while you are in minus territory. The bank will not tell you they charged you this money. You will have no idea anything is wrong.

It’s a silent chain reaction in which every charge that comes through during those few days before payday draws the $35 fee. The $8 you spent at the gas station for cigarettes, the $24.99 that automatically comes out for your Internet access … for each, the bank silently zaps out the charge and $35 on top of it, until your next paycheck is gone. Five seconds of oversight gave the bank the right to take away a week’s worth of your labor.

Some of you are saying, “Fine, just tell the bank to go fuck itself. Walk out the door and just do everything by cash or money order.” Ah, but now when you get paid, you have to go somewhere to cash your paycheck — and businesses charge up to $8 to do it. If you’re working in the service industry, congratulations — an hour of your labor just vanished … just so you could use your own money. Some describe this as a “poverty tax.”

Others refer to it as a “Because fuck you, that’s why” fee.

And more:

Walmart is now advertising a new “low” rate for cashing checks of only $3.

Any such rate seems like it’s too much, since the check is your money, and paying $3 for your own money is a rip-off. But, as Walmart points out, $3 is a lot less than many of their competitors charge for this same dubious service. Those check-cashing competitors, Walmart says, can charge as much as $8 per check.

Walmart’s TV ad for this check-cashing service actually underestimates the savings this could mean for their marks customers. A fresh-faced young couple tells us how happy they are to be using Walmart’s $3-a-check service instead of the $8 alternative. The husband holds up a calculator and tells us this saves them about $200 a year. With both of them earning a paycheck every two weeks, that’s actually more like $250 a year — and that $50 difference would be substantial for the annual budget of a working-class couple outside the fringes of the banking system.

The same quick and dirty arithmetic also lets us easily calculate the annual cost of check-cashing for this couple even at Walmart prices: $150 a year.
That $150 is a poverty tax — a fee paid by the poor because they are poor.

14 PhillyPretzel  Tue, Jun 18, 2013 5:03:15pm

re: #12 Bubblehead II

My employer tried the same thing and there were no takers. When I was asked why I did not take “advantage of such a convenient way to use my salary.” I told the big shots that I already was a member with a credit union and I have direct deposit. They tried to push the card but I refused.

15 Vicious Babushka  Tue, Jun 18, 2013 5:05:24pm

“Patriotic” commercial for a fuck-the-poor financial service

Youtube Video

16 CuriousLurker  Wed, Jun 19, 2013 2:36:22am

re: #13 Vicious Babushka

Speaking of the poor:

RIP, American Dream? Why It’s So Hard for the Poor to Get Ahead Today

The American Dream isn’t dead. It’s just moved to Denmark.

Now, we like to think of ourselves as a classless society, but it isn’t true today. As the Brookings Institution has pointed out, America has turned into a place Horatio Alger would scarcely recognize: we have more inequality and less mobility than once-stratified Europe, particularly the Nordic countries. It’s what outgoing Council of Economic Advisers chief Alan Krueger has dubbed the “Great Gatsby Curve” — the more inequality there is, the less mobility there is. As Tim Noah put it, it’s harder to climb our social ladder when the rungs are further apart.

And it’s getting worse. […]

theatlantic.com


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