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View Diary: Paycheck swipe (101 comments)

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  •  My 17 year old son (23+ / 0-)

    got his first job at Wal-Mart (against my advice, I assure you) this summer.

    They do, indeed, "offer to" pay employees using an ATM debit card. With $3 access fees.

    We're trying to get the boy set up with a bank account so they can't steal back the money they pay him.

    We have just enough religion to make us hate, but not enough to make us love one another. -- Jonathan Swift

    by raptavio on Wed Jul 10, 2013 at 07:02:51 AM PDT

    •  I'm not against the 'option' per se (4+ / 0-)

      though you have to have an EXTREMELY poor history (no history is fine) financially in order to not be allowed to have a debit card from a major bank or credit union.

      I was gonna listen to that, but then, um, I just carried on living my life. - Aldous Snow

      by GoGoGoEverton on Wed Jul 10, 2013 at 07:05:53 AM PDT

      [ Parent ]

      •  Not as extremely poor as you might think (8+ / 0-)

        ... and then those are the people that can least afford to be exploited by their employers, don't you think?

        We have just enough religion to make us hate, but not enough to make us love one another. -- Jonathan Swift

        by raptavio on Wed Jul 10, 2013 at 07:09:13 AM PDT

        [ Parent ]

        •  'Poor' was a qualitative term, not meaning 'broke' (1+ / 0-)
          Recommended by:
          wonderful world

          But IIRC Wells Fargo will ship you a debit card if you deposit $100 in a new account and your credit score is above 500.

          I was gonna listen to that, but then, um, I just carried on living my life. - Aldous Snow

          by GoGoGoEverton on Wed Jul 10, 2013 at 07:16:21 AM PDT

          [ Parent ]

          •  One bankruptcy can drop your score (1+ / 0-)
            Recommended by:
            wonderful world

            below 500. Or home foreclosure.

            We have just enough religion to make us hate, but not enough to make us love one another. -- Jonathan Swift

            by raptavio on Wed Jul 10, 2013 at 07:27:42 AM PDT

            [ Parent ]

            •  A very recent bankruptcy qualifies (0+ / 0-)

              if coupled with no retained assets. Foreclosure does not push your score under 500 automatically; it's obviously a big blight on it but other factors would need to exist in order for it to fall under 500.

              I was gonna listen to that, but then, um, I just carried on living my life. - Aldous Snow

              by GoGoGoEverton on Wed Jul 10, 2013 at 07:33:00 AM PDT

              [ Parent ]

              •  But not many. (4+ / 0-)
                Recommended by:
                JerryNA, justaHippie, Bernie68, splashy

                In other words, people are but one major financial disaster (triggered by a job loss, perhaps) from being at the mercy of an employer's nickel-and-dime-to-death caprices.

                We have just enough religion to make us hate, but not enough to make us love one another. -- Jonathan Swift

                by raptavio on Wed Jul 10, 2013 at 07:41:39 AM PDT

                [ Parent ]

                •  If there was other debt defaulted on (0+ / 0-)

                  then yes, they'll be in dire straits from a credit score perspective, and will be beholden to an employer card program if they wish to have a debit card.

                  I was gonna listen to that, but then, um, I just carried on living my life. - Aldous Snow

                  by GoGoGoEverton on Wed Jul 10, 2013 at 08:08:19 AM PDT

                  [ Parent ]

            •  Or never buying anything on credit (1+ / 0-)
              Recommended by:
              raptavio

              Pay cash for everything and live within your means and you will not have any credit score. That's the case with us.

              Women create the entire labor force. ---------------------------------------------------------------------------------------- Sympathy is the strongest instinct in human nature. - Charles Darwin

              by splashy on Wed Jul 10, 2013 at 01:36:39 PM PDT

              [ Parent ]

          •  Bankruptcy? (4+ / 0-)

            Who cares about bankruptcy.  the people we are talking about are not even in any kind of position to be using the court system to declare bankruptcy.  

            We're talking about adults who have had scant (if any) training and experience using money in a responsible way.  

            We're talking about people who are likely accustomed to using high interest paycheck loan establishments.

            I think it's really important to understand the the financial system has barriers in it that are other than legal.  They are regional, cultural...  

            Streichholzschächtelchen

            by otto on Wed Jul 10, 2013 at 09:24:59 AM PDT

            [ Parent ]

            •  We are also talking about people (1+ / 0-)
              Recommended by:
              Calamity Jean

              Who do use money in a responsible way, by never borrowing to get things. They save instead, and pay outright for everything. That means they have no credit score, as in our case.

              I'm always amazed that people think that if you have no score that means you are not responsible. Many who don't have a score are more responsible, because they totally live within their means and never borrow. They avoid paying interest, they avoid mistakes, they avoid dealing with late fees, etc. It's really the cheapest way to go if you can swing it.

              Women create the entire labor force. ---------------------------------------------------------------------------------------- Sympathy is the strongest instinct in human nature. - Charles Darwin

              by splashy on Wed Jul 10, 2013 at 01:40:33 PM PDT

              [ Parent ]

              •  The moralizing (0+ / 0-)

                That doesn't do it.

                The situation exists.  You can try to pretend it doesn't, but it exists.

                Streichholzschächtelchen

                by otto on Wed Jul 10, 2013 at 02:55:28 PM PDT

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                •  Moralizing? (0+ / 0-)

                  Huh? I didn't think that was moralizing, but I could be wrong. How did you see it as moralizing, so I can word things differently next time?

                  Women create the entire labor force. ---------------------------------------------------------------------------------------- Sympathy is the strongest instinct in human nature. - Charles Darwin

                  by splashy on Fri Jul 12, 2013 at 02:26:04 AM PDT

                  [ Parent ]

          •  If you don't have a credit score (2+ / 0-)
            Recommended by:
            GoGoGoEverton, Calamity Jean

            Because you always pay in cash, that won't work.

            We have never had any kind of credit score, except for a few years when we were paying a loan from a bank for our car. We always pay in cash, almost never take out loans, don't have credit cards (only debit cards), and don't buy things on time.

            We live within our means, without borrowing. Ergo, no credit score at all. It's interesting seeing the looks on the faces of places when they check our score. They don't know what to think, because so many have been brainwashed into thinking a credit score is the most important thing to have.

            Banks have really done a job on people with that, turning around the previous way things were done where they worked hard to get our business. Now, they make everyone work hard to get to do business with the banks, leading to more power in the hands of the banks.

            Women create the entire labor force. ---------------------------------------------------------------------------------------- Sympathy is the strongest instinct in human nature. - Charles Darwin

            by splashy on Wed Jul 10, 2013 at 01:35:44 PM PDT

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            •  Proves that you need 'bad' vs 'none' to not get a (0+ / 0-)

              debit card; thanks for sharing!

              I was gonna listen to that, but then, um, I just carried on living my life. - Aldous Snow

              by GoGoGoEverton on Wed Jul 10, 2013 at 01:51:55 PM PDT

              [ Parent ]

              •  Actually, the only reason we were able to get (0+ / 0-)

                Debit cards is because the local bank knows us, and let us start at least a decade ago with the debit cards, maybe more. Whether we could get one now if they didn't know us is unknown.

                Women create the entire labor force. ---------------------------------------------------------------------------------------- Sympathy is the strongest instinct in human nature. - Charles Darwin

                by splashy on Fri Jul 12, 2013 at 02:28:40 AM PDT

                [ Parent ]

        •  But, I don't think the employers are acting in (4+ / 0-)

          good faith, out of the kindness of their hearts. I might be willing to believe they're implementing it to cut down on the cost of printing and handling checks.

          I was gonna listen to that, but then, um, I just carried on living my life. - Aldous Snow

          by GoGoGoEverton on Wed Jul 10, 2013 at 07:17:06 AM PDT

          [ Parent ]

      •  No. (1+ / 0-)
        Recommended by:
        Calamity Jean

        Anybody can get a bank account, but that account will charge monthly fees or transaction fees unless you keep a minimum balance.

        The one exception I have found is Bank of America -- they have a no fee, no minimum balance account. But you are charged for ALL TRANSACTIONS except those that use the ATM or debit card.

        If you want to deposit coins, you must use the teller, which is a fee. ACH transfers are a fee, also.

        •  Or numerous credit unions. (1+ / 0-)
          Recommended by:
          Larsstephens

          I have accounts at 3 separate financial institutes (not because I have tons of money but for various reasons).  All have interest bearing checking accounts. Two will only pay interest with a minimum amount in the account but will not charge any fees under that amount.  No transaction charges.   One will refund up to 10 ATM fees per month.  One has a change machine that is free of charge - great fun for the kids with "vacation" change jars.  Not sure about the other local one and change counting (I only opened it because they gave me $100 to do so - ant that was with a $20 deposit - I had to wait 4 months to get the $100).  The 3rd one is not local so I do not know whether they have capacity for change counting or not.

          "You have attributed conditions to villainy that simply result from stupidity"

          by newfie on Wed Jul 10, 2013 at 07:52:46 AM PDT

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        •  Once again, small town banks are better: (3+ / 0-)

          Our little, locally owned bank has a Free Account that requires no minimum balance, provides a debit card, but charges for checks--most people (at least young ones, like my daughters) rarely use checks, anyway, so--in essence--it's a free account.

          We get a free account because we have a mortgage with them, as well.  Ours is totally free, including unlimited checks.

        •  We're talking about debit cards, not bank accounts (1+ / 0-)
          Recommended by:
          JerryNA

          so the answer is 'Yes, some people are denied access to a debit card through a bank or credit union.'

          I was gonna listen to that, but then, um, I just carried on living my life. - Aldous Snow

          by GoGoGoEverton on Wed Jul 10, 2013 at 08:09:21 AM PDT

          [ Parent ]

        •  In a rational country, the Post Office... (2+ / 0-)
          Recommended by:
          splashy, ManhattanMan

          ...would be the no-fee banker for citizens who can't afford retail bank maintenance fees.

          When you are right you cannot be too radical; when you are wrong, you cannot be too conservative. --Martin Luther King Jr.

          by Egalitare on Wed Jul 10, 2013 at 12:45:36 PM PDT

          [ Parent ]

        •  Our bank doesn't charge (0+ / 0-)

          For checking accounts, and only charges a small fee if our savings goes down too far.

          It's a local bank called The Bank of the Ozarks.

          Women create the entire labor force. ---------------------------------------------------------------------------------------- Sympathy is the strongest instinct in human nature. - Charles Darwin

          by splashy on Wed Jul 10, 2013 at 01:42:27 PM PDT

          [ Parent ]

    •  What is this "trying to set up ... a bank account" (0+ / 0-)

      of which you speak?  Srsly, I can't imagine a bank reluctant to open an account and get a new customer.  Surely at 17 he hasn't had a chance to ruin his credit rating.  

      We must, indeed, all hang together, or assuredly we shall all hang separately. B. Franklin

      by Observerinvancouver on Wed Jul 10, 2013 at 11:23:06 AM PDT

      [ Parent ]

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