Walmart Targets The Poor With New Checking Accounts

I wasn't answering for you.... you are lost.... I'll readdress you when you catch up...

 

You answered for a post I made, and did so incorrectly assuming you knew what I was talking about. You seem confused but I'm pretty well caught up now.

If you want to know what I think or meant all you have to do is ask (and that goes for anybody else) and we can skip all the unnecessary chatter.

 

Lack of access to banking has been one of the major issues related to poverty not just in the US but globally. If this exact program were created by Costco, the dems would be falling all over themselves praising how wonderful an idea this is. Since it is Walmart doing the good, it is horrible sign the sky is falling.

 

Walmart must abide by all the banking regulations that other banks deal with, plus the risks of dealing with lower income customers. If this was a cakewalk, your typical banks would be competing for these customers. Looking solely at banking, I doubt it will be a huge income center for Walmart...

 

In our newspaper today, an article talks about the rising bank fees. The average fee for out-of-network ATM is $4.35 per transaction. Average overdraft fees are $32.74. Prior to 2009 the largest banks offered free checking, then after 2009 it reduced to 76% and today it is 38%. Much of these increases stems from more banking regulations after 2008 which Walmart must also deal with. If Walmart provides ATM's, and free checking, and lower penalty fees, and lower cost of checks, and the risks can be controlled, they should establish a large customer base in short order. Once this is in place, personal loans and mortgages and investment tools can be offered...

 

http://www.wholefoodsmarket.com/mis...-and-support-our-local-and-global-communities

Maybe you should check out Whole Foods to see what they ACTUALLY do...as opposed to being uninformed...

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As a liberal I went to college and got double degrees in physics and Chemical engineering. Worked 20 years for a large corporation and invested my money. Then became an artist and enjoyed that for another 25 years. Am now semiretired and fishing and doing charity work. My net worth is well upward of two million earned by work, thrift, and smart investing. And I don't begrudge the government one penny of what went to help those less fortunate or lucky. I do though resent the money spent in stupid wars that accomplished nothing like Vietnam and Iraq and Afganistan.

 

No it doesn't. A lot of the privileged have low paying jobs when the are summer employees or Christmas employees. Has nothing to do with what happens to the majority of employees. You made a very broad statement that you try to justify with two examples. As we say in the south " That dog don't hunt". But nice try.

 

Oh, heavens, Joker, I don't begrudge the less fortunate or less lucky. The deadbeats I begrudge. The people who Nancy Pelosi proudly says are being freed from the drudgery of work. I begrudge money going to drunks and junkies who won't work. The money that's skimmed to go to families and cronies of politicians I begrudge and the trillions going to fraud and waste I begrudge.

But, I'm reallly glad you're fishing. Me? I don't have upwards of two million but I'm feeding a family of a Zapotec widow and five children and sending the children to college. One son is now an accountant, one son is a teacher and wants to go to graduate school, another son is in college studying business administration but he's already licensed to do accounting, and another son is in high school and wants to go into medicine.. That's done with my money. I could do more if I wasn't paying for deadbeats, cronies, and frauds to buy votes for the leftists.

I was lucky, though, Joker. Back when I was a homeless drunk, if I'd known the government was going some day to give me a place to sleep, money for booze, food, free medical care, and cover miscellaneous expenses, I might never have quit drinking. Thankfully, the government didn't help me keep drinking like they do now.

 

If the fees are commensurate with the risk Walmart is agreeing to take on then they are not, by definition, exorbitant. However, the poster you took it upon yourself to answer for referred to Walmart's checking accounts as having low fees. In fact, the fees and fee-waiving minimum balance offered by Walmart are actually lower than the ones I referenced. The fees all look pretty reasonable to me.

 

Just responding to your assertion that all liberals are on the dole and looking for handouts. But then oversimplification of issues seems to be the hallmark of Conservatives. The assumption that the playing field is equal for all and that all failure in life is due to a lack of effort is just repugnant to those of us with a more realistic view of the world.

And I am glad you are helping support someone who needs help although that would seem contrary to your assertion that if you don't succeed on your own it is due to character deficiencies. Keep this up and who knows maybe you will actually be supporting food stamps, Medicade, unemployment insurance, job training, etc.

 

Walmart? Pfffffffttt!!!

https://www.tcfbank.com/account_checking_free-checking.aspx

 

the problem is, the demographic that uses Walmart checking accounts, would be the ones that are denied checking at real banks and credit unions based on previous poor economic choices.


So those in that demographic have a choice.... don't have a checking account, or use Walmart's, that may have stiff penalties for various things....

 

I think it is a good thing Walmart is doing. At the same time, why anybody would pay an ATM fee is beyond me. Go to the grocery, buy a candy bar and get cash back for free off your debit. I do more of my banking in the Food Lion check out than I do at the bank

 

What about a charge card that can be paid by providing labor for the store?

 

I've had that happen, but not at TCF. They let me bank with them when one other bank I tried at would not.

 

it's all on just how the bank at the time feels... I'm sure it's all dependant on how bad you "screwed up" at one bank, whether or not a 2nd bank says ok.

but if you've run out of options (ie - had checking shut down in 3 different banks), then walmart may be your last chance.... but you are a high risk... therefore, just like in loans and credit scores... you are charged more for risky behaviors, like bouncing checks


it's why payday loans are so successful.... despite catering to the riskiest of credit clients....

 

I never said all liberals are on the dole. President Obama, George Soros, Chris Mathews, and Al Sharpton are all liberals and aren't on the dole. They are looking for handouts, though. But, while I would argue that not all liberals are on the dole I suspect the overwhelming majority of the people on the dole are liberals and are registered Democrats whether they know it or not.

And, Joker, I don't object to helping people who need help through no fault of their own. I'll even do it with my own money. Liberals are usually stingy with their money and generous with someone else's money. In the town where I worked a young man who was developmentally and physically disabled and the government forced a local theater to fire him from his job. A deadbeat stole his television, his VCR, and his videotapes shortly before Christmas. Since the government wouldn't help him, some private citizens bought him a new television and VCR. They obviously weren't liberals.

But, a liberal I know who was a newspaper editor did write a wonderful story about a drunk who wouldn't stay sober long enough to get a job and desperately needed help. Of course, liberals wouldn't help him with their own money although they thought he was deserving and conservatives wouldn't help him because he chose to be a drunk.

 

Ugh, payday loans.. Been there, wouldn't want to touch that ever again. Much better to manage money more effectively if at all possible.

Regarding the banks, the one that turned me down was apparently going by nothing more than credit score. I've always done well with checking accounts.

 

yeah... makes sense.... I've had them run my credit before, too.... I didn't understand why at the time... but absolutely. Low credit scores are higher risk concerning money.


I remember working as a teller at a credit union.... a girl got fired over her b/f bouncing checks, and they ran my credit as part of the hiring process.



Payday loans are ridiculous. My wife, while we were dating, found a "payday loan" reciept on her floorboard in her car and was like "WTF, is Javis taking out payday loans" and was starting to freak out until she opened it and saw it was a teacher friend of hers who dropped it on accident.... We looked at the statement..... for a $300 loan, her first payment of 5 was $320. I don't know what the subsequent payments were... but holy crap.... the first payment alone was more than the loan itself....


What about the lady who bought Christmas off of Payday loans....

http://www.mirror.co.uk/news/uk-news/payday-loans-mum-benefits-left-2960282

 

Maybe it is because the left already knows private charity only covers multitudes of sins, not (official) poverty.

 

A hard-up single mum on benefits has hit out at payday loan firms for failing to carry out checks and letting her get into £3,000 of debt.

Katie McGill, 28, has funded her Christmas by taking out eight loans with controversial payday lenders, including Wonga, to treat her two kids.

She borrowed around £1,700 in order to buy them dream gifts as well as food for the big day.

Mya-Renee, three, and Calvin, eight, yesterday unwrapped new bikes, a new TV and DVD player each, as well as numerous computer games.

But now the festivities are over, the unemployed mother is faced with more than £3,000 of debt – with only her benefits to pay it back.

That's just an asinine situation all around. I don't have much sympathy for her, as she must have known what she was getting into. Blaming the loan sharks for not stopping her from borrowing in the first place is just so.. backwards. It's like stealing something and then blaming the victim for not securing the property sufficiently, or raping someone and blaming the victim for dressing provocatively (that one's popular in the Muslim world, I hear).

 

They have ATM's in the casinos...side by side with the slot machines...

 

And they are still the safest play in the casino................

 

I believe the only problem with EBT transactions is that they cannot be used with financial planners.