Wilf, if I understand what you are saying (and quite frankly on such numerical / technical subjects, I usually don’t due to lack of clarity) you seem to think that these are not predatory rates
I know I posted before but I just looked again, and standard high street prepaid debit card is $2.50 for cash reload, $1.50 for transactions, $3 for ATM withdrawals.
I thought the reload used to be a percentage of the deposit; if so things have got better. These businesses are trying to stack them high and sell them cheap, not set rates their market can’t afford. (I am sure there are predators out there.)
They are ! and they are “egregious fees for actual usage patterns“ as I said above. Per your fees, I stand by everything I said but you’re going to need to put on your thinking cap and break out a calculator and consider the $ amounts and typical transactions that this unbanked demographic would be doing and figure out fees as a % of actual spend. I’m not going to do it for you because you will only truly understand by doing this exercise yourself ... and maybe with the aid of others
I’m done on this specific subject
And Bonner, to be sure that there isn’t a misunderstanding re my long initial post above, my criticism is aimed at the industry and not necessarily at specific individuals within (cuz of course that are plenty of great, high-integrity people in the field) and surely NOT at you ... I said sorry cuz I was slamming your industry ... i wasn’t slamming you