Earlier quoted context omitted.
That way you don't have to pay service tax to the credit card company for the transaction.
Seems risky for a delivery driver to be walking around with a lot of cash.
More risky than with the products worth that cash?
Amazon Cash
141–150 of 206 posts
Re: Amazon Cash
#142Re: Amazon Cash
#143Earlier quoted context omitted.
> Can you not get a bank account for free in the US? If you have good credit (which usually requires a well documented reliable income, and no outstanding unmaintained debt from say, a college education or medical condition), if have the $20 or so to spend to keep the account open and in good standing, if you have the time and patience to make sure you never accidentally overdraw or under-use (so as not to get hit wi…
I've never had a credit check for a checking account. They used to do these a long time back (and it was totally reasonable), but they don't really anymore. Yes, account maintenance fees are lame, but there are banks that don't have these. They've only recently become widespread for your typical checking account. Banks are getting more aggressive since the myth that using banks somehow benefits the customer is dead (…
There's a separate, parallel system of checking checks. My credit is in very good shape, but there's a company out there that thinks somebody with my name passed a bad check in a state where I don't reside on a bank account that was no longer open when the transaction was made--indeed, the bank itself no longer existed at the time.
I found this out when I went to try to open a joint account with a business partner and got denied. We ended up opening the account at an institution which I already used, instead.
Re: Amazon Cash
#144I think many people are not realizing the fact that this is a master stroke by Amazon to break into the payments & wallet market. Wallet's are going big in Asia especially India. Softbank backed PayTm is leading this right now. Amazon could turn this easily and get a major market share by pushing payments in India.
Re: Amazon Cash
#145Earlier quoted context omitted.
> Can you not get a bank account for free in the US? If you have good credit (which usually requires a well documented reliable income, and no outstanding unmaintained debt from say, a college education or medical condition), if have the $20 or so to spend to keep the account open and in good standing, if you have the time and patience to make sure you never accidentally overdraw or under-use (so as not to get hit wi…
What about credit unions? (Genuine question: I don't know if they are any better in that regard, or not.)
Credit unions have similar, maybe slightly lower, standards for opening accounts. They don't want to be stuck with overdrafts either.
Re: Amazon Cash
#146Earlier quoted context omitted.
First job I had out of college, when it came to payday, my boss handed me a paycheck with pay stub and I folded it up and put it in my pocket. He told me that I was supposed to sign the check and hand it back to him, and then he'd pay me cash for the face value of the check. He seemed incredulous that I didn't know that immediately; he asked me if I was a trust fund kid and if this was my first job. I told him, a lit…
I can understand a variety of cash usages over credit for fee savings, privacy and getting around transaction limits. But I can't understand why anyone would use a check cashing place. Can you not get a bank account for free in the US? Even my grocery store runs a free banking service here with no minimum - you lose out on some things like teller withdrawal, but they have ATMs everywhere and unlimited debit transacti…
if you overdraft your account and owe the bank money or write/cash bad checks you get blackballed by the banks and your name gets put in the chexsystems that all banks use until you pay back the bank you owe. No bank not even a credit union will allow you to open an account until you get your name removed from chexsystems. Many poor people just give up knowing they will never be able to pay off that debt and go without a bank account
Re: Amazon Cash
#147Earlier quoted context omitted.
Sounds like a check card at Bank of Amazon, that maybe isn't a "bank" because of loopholes in the banking law.
Yeah, the wording in the FAQ has me a little confused: 2) Where can I use Amazon Cash? We have partnered with thousands of stores across the country, including CVS Pharmacy®, Speedway, Sheetz, Kum & Go, D&W Fresh Market, Family Fare Supermarkets, and VG's Grocery with more retailers coming soon. A directory of all participating stores can be found at www.amazon.com/cash. Are they saying you can also spend your 'Amazo…
If you can't use the money at, say, CVS, what benefit is this to them?
Re: Amazon Cash
#148Earlier quoted context omitted.
I can understand a variety of cash usages over credit for fee savings, privacy and getting around transaction limits. But I can't understand why anyone would use a check cashing place. Can you not get a bank account for free in the US? Even my grocery store runs a free banking service here with no minimum - you lose out on some things like teller withdrawal, but they have ATMs everywhere and unlimited debit transacti…
Seems you'd also be interested in this article: An Ivy League professor who spent 4 months working in a South Bronx check-cashing store says we're getting it all wrong http://www.businessinsider.com/check-cashing-stores-good-dea...
At this point even South Park has commented on it. Yeah, I'm going to pretend comment is the right word:
Re: Amazon Cash
#149Earlier quoted context omitted.
if you wanted to dodge taxes, you probably would go straight to cash in this case... checks leave a trail.
Or you'd dummy up some pay stubs and fake checks that no bank would ever cash, then make your employees give the paychecks back to you immediately and pay them face value for their paycheck in cash.
You would get caught immediately when the employees filed their taxes and the IRS had no record of the supposed withholdings.
Re: Amazon Cash
#150Earlier quoted context omitted.
My initial reaction, formed directly after readin "Amazon Cash" was similar to yours. This doesn't seem to be the devil I thought it would be though, since it's more analogous to gift cards than private scrip, IMO. Now, if you can use "Amazon Cash" in lieu of currency by, say, transferring it to other users at will, I'm right there with you - proprietary, private money is very creepy to me.
Yeah, its not the devil. It is more or less a "refillable" gift card. It would certainly be good for handling the occasional piggy-bank windfall (although a coinstar machine is better for that). I worry, however, about financial products like this that get aimed at people who don't have bank accounts. They're a particularly vulnerable population.
Precieicyly what this target is. Simply a goal to fuck someone.