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Sneakeater

Old Man Shaking Fist at Cloud

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No charge if you're someone like you.

 

Do you think someone could come in with no income, no assets, maybe not even a street address, and get an account with a free debit card?  What would there be to debit?

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Okay guys, there is no activation fee or annual fees on prepaid Visa debit cards available from all those high street check cashing places, nor do you (generally) even need ID. They’re monetized by charging a small percentage on deposits. The percentages are low because they are aimed at low income customers.

 

Nobody who could pay cash for a $10 chicken sandwich would be deterred. I applaud the sentiment here, but it doesn’t really have a practical effect on anyone who can afford a Fuku in the first place.

 

That there are people who can’t afford it is another subject, for another place.

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Also, think about crusties. The city did them a solid with usb chargers and free wifi but the Israeli mafia still wants cash for $0.99 pizza.

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Okay guys, there is no activation fee or annual fees on prepaid Visa debit cards available from all those high street check cashing places, nor do you (generally) even need ID. They’re monetized by charging a small percentage on deposits. The percentages are low because they are aimed at low income customers.

 

Nobody who could pay cash for a $10 chicken sandwich would be deterred. I applaud the sentiment here, but it doesn’t really have a practical effect on anyone who can afford a Fuku in the first place.

 

That there are people who can’t afford it is another subject, for another place.

 

https://www.inpowercard.com/assets/long-form.pdf

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Yeah. Ripping off the under/unbanked is a thing.

Don't want to get political, but yeah, it is. And the guy who was making it easier to do so is now the chief of staff!

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That’s pretty much what I described, right? There are fees for using it, as there are with debit cards tied to checking accounts.

 

Not indeed to get political, but isn’t the problem more about income security that whether a fancy sandwich place takes cash or not?

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Not really.

 

Why should I get an almost 5% discount on everything I buy via chase points then converted to flights at a discount where some poor bastard gets no discount and has to pay fees? Just limit credit card merchant fees to the 0.5% they should be at and then we can talk about equal access.

 

Also the off the books aspect is substantial. Like it or not, it reduces your restaurant bill by a good 5%, maybe a bit more.

 

I am hardly a proponent of cash, but current debit cards aren't a great replacement.

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Because credit card companies and banks have alternative ways of monetizing your business?

 

All I'm saying is that for the very niche population threatened by this trend -- those who can afford $10 chicken sandwiches but can't open a checking account -- there's are obvious solutions.

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