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View Diary: Chase has taken their next move, into your paycheck (265 comments)

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  •  Debit cards (2+ / 0-)
    Recommended by:
    Zack from the SFV, kurt

    Is this for McDonald's employees that are "unbanked"?  You're damned sure none of their management team is being forced to use these.

    I work for a large tax prep company that also issues pre-paid debit cards.  They've made the product better in the last couple of years, but you still have to be smart when you're using the card.

    Instead of using an ATM, go buy something that you need anyway, and get cash back.  On our card, at least, there's no transaction fee.

    Customers can also pay bills online by using the card, and even deposit checks with a smartphone app.

    Paychecks can be directly deposited onto this card, too.  The company is still making money hand over fist, but if you use their card right, it can be a good choice.

    •  I work for the same company (1+ / 0-)
      Recommended by:
      kurt

          and am always trying to educate my clients about how to use the card without a lot of fees. If you do it right it is cheaper to get your refund that way than having a big check that you (an unbanked person) have to pay big fees to cash. Also the idea of carrying around $5000 or whatever refund in cash is scary.

           The problem is that many people are financially illiterate and screw things up. A lot of people are desperate and living close to the edge, and screw ups have major consequences. Kudos to you for being a conscientious tax geek and trying to inform your clients on how to use the card effectively.

            At least we no longer have the refund anticipation loans; those always made me feel like a loan shark. The problem is that when you're poor quick money is a powerful draw. The season after we stopped having RALs was a challenge; it was helpful that we were able to explain that it was changes in IRS rules that caused their elimination.

      Diehard Swingnut, disgruntled Democrat, age 54, new CA-30

      by Zack from the SFV on Sun Jun 16, 2013 at 11:07:58 PM PDT

      [ Parent ]

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