It's been no great secret that I was laid off several months ago, and I've been looking for full-time paid work since then. I've been receiving unemployment benefits from the state of Kansas. Until now, I had the option of receiving my benefits via state-issued check, or by prepaid debit card.
However, starting last week, the state will only release unemployment funds to me via prepaid debit card. Today, I received my card - from Citi. Even this wouldn't bother me so much, except for several items.
- It took 2 additional days to receive the mailing, as compared to receiving a check directly.
- If I wish to transfer unemployment benefits to my bank account, that will take an additional 2-3 business days.
- The privacy notice from Citi indicates that information they collect from me such as my name, address, and telephone number may not only be disclosed to my program sponsor (as I would consider necessary and which they already have), but also "to perform services on [Citi's] behalf or as permitted by law."
- Not all card transactions are free of fees, including a fee on "monthly account maintenance on inactive cards" (such as when I find employment again).
- Activation of the card requires calling from my home telephone number, which is not a requirement needed when I receive checks directly from the state.
So, in exchange for the cost savings the state might experience by having funds put onto prepaid & reloadable debit cards, I sacrifice:
Privacy (my home phone number, in particular, which I don't give out to just anyone)...
Freedom from sales & marketing calls, because Citi can not only market directly to me, but their partners can as well, and they can sell my information to various other companies that wish to purchase a list... and
Timely arrival of funds in my checking account, which will now have 2-3 additional days to arrive...
Worst of all, Citi is not only making money by contracting with the state of Kansas... they're taking my money as a taxpayer for a bailout that I didn't approve, didn't want, and don't think they deserve! They are directly profiting from the state of Kansas due to my status as an unemployed person with the one hand, and indirectly taking tax money I've paid, in the form of bailout funds, with the other.
My plan, thus far, is to directly transfer all funds from the card directly to my checking account. I have a debit/credit card with them, and much prefer to do business with them. Can anyone think of any good reason why I shouldn't do this?
(I think my next step will be to open up a local credit union account instead of my checking account, and then start sending the funds there instead. The whole for-profit financial services sector is breaking, and I'm seeing fewer and fewer reasons to support it.)
I'm so angry that it's hard to see straight!!