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  1. #51
    Posting Addict GloriaInTX's Avatar
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    Quote Originally Posted by ClairesMommy View Post
    Cheque cashing companies make poor people poorer, IMO, and probably help perpetuate the cycle of poverty. You leave with a fist full of cash and it's a case of easy come, easy go. Easier to spend it all when it's all right there in your wallet, and you only get your money after paying a substantial fee off the top of your already meager pay.
    I agree with you I used to work as a cashier at a retail store where we cashed paychecks for a fee. So I saw the many people who had no bank accounts come through there every Friday to cash their checks. I am not saying it is a good thing, I am saying that it is not unusual as some people seem to think. Checking accounts aren't free either for people who don't have a lot of money to put in them. Most checking accounts require at least direct deposit or a minimum balance or they charge fees. Then there are also the overdraft fees if you are living paycheck to paycheck it is easy to make a mistake and then you are hit with a $35 fee if you go over. That is difficult to overcome if you don't have much money in the first place, and so some choose to just use cash instead.
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    I was thinking that about the check cashing companies...aren't their fees higher than banks?
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  3. #53
    Posting Addict GloriaInTX's Avatar
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    Quote Originally Posted by freddieflounder101 View Post
    I was thinking that about the check cashing companies...aren't their fees higher than banks?
    It can really vary a lot from one place to the next. Most charge a percentage of the check so it depends on how much the check is. Banks charge check cashing fees now also unless you have an account with them or the check is issued from their bank.
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  4. #54
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    Quote Originally Posted by GloriaInTX View Post
    It can really vary a lot from one place to the next. Most charge a percentage of the check so it depends on how much the check is. Banks charge check cashing fees now also unless you have an account with them or the check is issued from their bank.
    I meant vs. a bank where you have an account.
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  5. #55
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    Quote Originally Posted by GloriaInTX View Post
    I agree with you I used to work as a cashier at a retail store where we cashed paychecks for a fee. So I saw the many people who had no bank accounts come through there every Friday to cash their checks. I am not saying it is a good thing, I am saying that it is not unusual as some people seem to think. Checking accounts aren't free either for people who don't have a lot of money to put in them. Most checking accounts require at least direct deposit or a minimum balance or they charge fees. Then there are also the overdraft fees if you are living paycheck to paycheck it is easy to make a mistake and then you are hit with a $35 fee if you go over. That is difficult to overcome if you don't have much money in the first place, and so some choose to just use cash instead.
    I bank with chase. As long as I use my bankcard 6 times in a month, no fee. No minimum balance or direct deposit. Come to think of it, none of the banks I use charge a fee for my accounts.

  6. #56
    Posting Addict GloriaInTX's Avatar
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    Quote Originally Posted by ethanwinfield View Post
    I bank with chase. As long as I use my bankcard 6 times in a month, no fee. No minimum balance or direct deposit. Come to think of it, none of the banks I use charge a fee for my accounts.
    You are probably grandfathered in to your account or something. If you tried to open an account now you would be charged unless you meet one of their requirements for direct deposit or minimum balance.

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    Community Host Alissa_Sal's Avatar
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    Quote Originally Posted by ClairesMommy View Post
    It seems so unusual to me. It makes me think there's a larger incentive at work as to why the debit cards are being used, and it's NOT for employee convenience.
    I bet McDonald's does their corporate banking with JP Morgan and got a better deal on their banking because of this "value add" service.

    Anyway, I agree that it's a good thing for a company to OFFER. Many companies are now starting to offer this, and it can be a good thing for those employees that can't/don't have a bank account for whatever reason (is bad credit a reason? Possibly? Just thinking out loud) But it should only be an option - employees should have the option to get a paper check (and preferably also direct deposit) as well. I can't imagine that it's legal to force employees to pay banking fees at a bank not of their choosing. Or anyway, it wouldn't have been before we made corporations into people and gave them the vote!
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    My last job required direct deposit - which required a bank account. If Gloria is arguing that there is no such thing as free checking accounts- and that the debit cards are unacceptable because of the fees- and a physical check is unfair to those without bank accounts due to predatory fees.....really what's a corporation to do? Hand out large sums of cash? Fact is there is going to be some small fee associated with safely accessing, tracking and protecting ones money, it seems.

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    Posting Addict GloriaInTX's Avatar
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    Quote Originally Posted by Potter75 View Post
    My last job required direct deposit - which required a bank account. If Gloria is arguing that there is no such thing as free checking accounts- and that the debit cards are unacceptable because of the fees- and a physical check is unfair to those without bank accounts due to predatory fees.....really what's a corporation to do? Hand out large sums of cash? Fact is there is going to be some small fee associated with safely accessing, tracking and protecting ones money, it seems.
    I never said there are no free checking accounts, I said they have requirements such as direct deposit or a minimum balance to be free. I don't think that debit cards are unacceptable, I just think that employees should have a choice to be able to get a paper check if that is what they want. Some people probably like having the debit cards, this woman obviously didn't. You are right there is going to be some fee involved most of the time but I just think the employee should be able to make that choice in how they want their money handled.
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  10. #60
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    Quote Originally Posted by GloriaInTX View Post
    I just think the employee should be able to make that choice in how they want their money handled.
    I agree. Even if you can't get free checking or ATM fees or whatever anywhere, I still think that the paycheck is the employee's money, and therefore it's her right to decide that she wants to pay her banking fees to bank A over bank B (or to a skeezy check cashing place, or whatever.)
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