Prepaid Debit Cards Hide Enormous Fees

nytimes.com:

For many people who do not have bank accounts, or cannot get a credit card, the appeal is irresistible, making the reloadable cards among the consumer banking industry's fastest-growing products. But their convenience comes with a catch: fees, often hidden in the fine print.

Read the whole story: nytimes.com

Comments

[getsit]

The best thing to do, if you're buying the cards as a gift certificate for someone, is to ASK whether there are fees. If it is a VISA there are fees. And a monthly fee for non use can use up the card in no time.

There are stores that offer their own gift certificates cards and they do not charge any fee or have a time limit to use the cards. If they do charge, just say, "sorry, I can't do business with you." Ask for a phone # or address to complain to.

Businesses will get the message and stop doing business with VISA.

[pokethis]

NOTICE how they let you "overdraft" on these cards!!! What a rip-off - Intentional because it's a good probability someone will not know what their balance is and overdraft!!!! Profiting off of predictable human behavior. And another way they can skim 10% of your money. CASH people, CASH!

[MyLIberalKos]

Everything but the little people have become too big to fail.

Everyday we pay the consequences of Reaganomics and neoconservative economics

good articles; http://iamned1.blogspot.com

80's: Arthur Laffer, MIlton Freidman, Greenspan, Alexander M. Haig, Jr, Donald T. Regan, James A. Baker 3rd,
Later: Robert Rubin, Bernanke, Paulson

[Two Cents]

Same old, same old: the poor pay more.

[comicpro]

Another way for banks and companies to provide a 'service" yet at the same time drain your pockets. Cash is king ladies and gentlemen and the old argument of I need a credit card is dead especially when you are taking it in the kiester in fees!