Here comes Wal-Bank

[jessieqwert]

Another way to see it is $107.40 a year just to have an account open. And the poor keep getting poorer...

 

[darkswordsman17]

Our local WM has a bank inside the store (nears the check out section with other small businesses such as hair saloon and nail shop). I wonder if that bank will be gone after they implement this new arrangement.

I doubt it'll be going anywhere short term. From what I can tell this is just Wal-Mart branding of some company that offers similar service, and so it's basically all electronic. They might start putting in Wal-Mart branded ATMs or something. Now who knows long term.

Another way to see it is $107.40 a year just to have an account open. And the poor keep getting poorer...

They'd have to pay around that much if they banked elsewhere as well unless they specifically have a local bank that offers a different deal.

 

[pcgeek11]

Yeah but still charge $30+ for bounced checks/overdrafts.

If you are not stupid then you don't have bounced checks or overdrafts. If you do bounce checks or overdraft you should be penalized.

 

[pcgeek11]

Not when you're dead broke.

When you are broke you shouldn't be spending money. Yep easy as pie.

 

[Rakehellion]

Another way to see it is $107.40 a year just to have an account open. And the poor keep getting poorer...

Yeah, you can get an account with Schwab for free.

 

[Rakehellion]

When you are broke you shouldn't be spending money. Yep easy as pie.

Thing is, people need food, shelter, electricity, and medical services regardless of how much money they make.

 

[Rakehellion]

They'd have to pay around that much if they banked elsewhere as well unless they specifically have a local bank that offers a different deal.

That's the problem. This isn't a bank for Walmart customers, it's just another bank.

 

[highland145]

If it breaks it's not my problem.

Now them deciding to stop paying sucks but also not my problem that is the banks problem.

I found though i was a terrible car salesman. IF someone came in with a sob story i fell for it. while i never lost money there was times i barely made it.

I'm looking at it from the collection side. That makes everything my problem.

If you are not stupid then you don't have bounced checks or overdrafts. If you do bounce checks or overdraft you should be penalized.

Poor people are poor for many reasons. Bad decisions, ignorance, lack of education, low IQ, etc...so paying a small monthly fee could very well be better than the normal check/overdraft charges.

One of my customers on social security overdrew their account. They didn't realize it and only went to the bank on the 1st of the month when their $$ came in. This particular bank charges a daily fee when an account is overdrawn so when my customer went to the bank at the 1st of the next month they were out quite a bit.

 

[John Connor]

Another way to see it is $107.40 a year just to have an account open. And the poor keep getting poorer...

My bank account is free. No minimum either.

 

[schmuckley]

https://www.paypal-community.com/t5/About-Products/Green-Dot-MoneyPak-Issues/td-p/724783

Green Dot bank commits fraud on a massive scale.
Here's what they do: They figure you may not have a Social-security card/ID because you are using their service.So after you put cash on one of their cards,they internally "flag" it and hold your money citing that they need you to fax them your ID and social-security number.If you do not,they keep your money.

http://www.topix.com/forum/city/lexington-ky/T7E5B4KN8CK3FC33G

Green Dot is owned by GE Capitol.
Who also happens to have interests in the Federal Reserve.
They are above the law..Do not deal with them.
There is no one to help you when they take your money as The Federal Reserve is who
will investigate,and they are partially owned by GE Capitol.

 

[Jeff7]

I'm looking at it from the collection side. That makes everything my problem.


Poor people are poor for many reasons. Bad decisions, ignorance, lack of education, low IQ, etc...so paying a small monthly fee could very well be better than the normal check/overdraft charges.

One of my customers on social security overdrew their account. They didn't realize it and only went to the bank on the 1st of the month when their $$ came in. This particular bank charges a daily fee when an account is overdrawn so when my customer went to the bank at the 1st of the next month they were out quite a bit.

Some crappy luck goes into it as well.


If you're in the US, it's likely because of a coincidence of birth - you were granted the luxury of being born into one of the wealthiest countries on Earth.
Someone born in Cambodia isn't poor because of their own inabilities or laziness. They were dealt a crappy hand from the start.
Same as my employer's owner's kids. They were born into a millionaire family, and will likely be handed ownership of a profitable company at some point in time. It wasn't skill that got them that kind of advantage. It was a simple coincidence of birth.