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Walmart's effort to get customers to build up their savings accounts

theatlantic.com

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Re: Walmart's effort to get customers to build up their savings accounts

#71

Post by flukus »

rdl wrote: post #56
flukus wrote: post #45

Earlier quoted context omitted.

> you can overdraft debit cards Not always, my debit cards have always had the overdraft facility turned off. If there's no money in the account then the transaction doesn't go through.

It's possible to overdraft a debit card even if overdraft is not enabled on the account, due to how some merchants process some transactions.

That's a cost that should be worn by the merchant, if they aren't going to check that money is available in the account then that's their problem.

Is their anywhere else in the western world that has these problems? Or even the developing world?

Re: Walmart's effort to get customers to build up their savings accounts

#72

Post by morgante »

TheSpiceIsLife wrote: post #67
morgante wrote: post #55

Earlier quoted context omitted.

> It is $5/mo for accounts with less than $1000, but you're not going to get better than that at a bank. Sure you are. I have many accounts with less than that. Don't spread FUD. Overdraft fees are easy to avoid if you just tell them to decline overdrafts.

Your comment would have been better if you had linked to examples rather than accusing the parent of spreading FUD. Maybe you're a student or have multiple products (different types of accounts, credit cards, home loans, term deposits) with your bank? I can't get a $0 / month account for everyday banking from my bank because I have a special rate home loan. They have a savings account that's $0 / month but you can on…

Here are my various no-fee checking accounts:

* http://content.schwab.com/web/retail/public/get-started/chec... - amazing checking account, reimburses all ATM fees

* https://www.capitalone.com/bank/360checking-guide/

* https://www.aspiration.com/summit/

I do have a few other ones but they're based on relationship banking. All of the above have no fee and no minimum.

Re: Walmart's effort to get customers to build up their savings accounts

#73

Post by bpodgursky »

fefesafaea wrote: post #65
bpodgursky wrote: post #51

Earlier quoted context omitted.

Dude, you really need to think carefully about whether you are approaching this topic honestly, or if you are hunting for reasons to reinforce your belief that this card is a scam. The precise things you claimed about this card are _not true_. Those are facts. If you want to debate, use _facts_. Nobody is denying that WalMart _could_, if they wanted to, offer a savings card which is a scam. But also consider their mo…

Not sure why you are accusing me of intellectual dishonesty, unless the goal is to derail the conversation. You are right to say that a few of the specifics I gave were not correct. I was clearly not arguing that. However, the specifics you gave were not 100% correct either. For instance, if you go to an atm machine in a wal-mart and attempt to withdraw cash, you will be charged 3 dollars. The fee breakdown I linked…

The FAQs (https://www.walmartmoneycard.com/account/faqs) say

> You can withdraw cash from your card at any Walmart register or MoneyCenter. This service is free for the Walmart MoneyCard product with Cash-Back Rewards.

Where are you looking?

Re: Walmart's effort to get customers to build up their savings accounts

#74

Post by morgante »

rdl wrote: post #62
morgante wrote: post #57

Earlier quoted context omitted.

> Capital One 360 is for people with better credit than the folks in the article have. They don't pull your credit to open an account, so I don't see how that's true. I've had one since I was 18 (and had no credit history to speak of).

I'm sure they pull chexsystems.

ChexSystems is different than a credit report. They can clear you even if you don't have any credit or have bad credit.

Re: Walmart's effort to get customers to build up their savings accounts

#75

Post by aianus »

toomuchtodo wrote: post #53
flukus wrote: post #45

Earlier quoted context omitted.

> you can overdraft debit cards Not always, my debit cards have always had the overdraft facility turned off. If there's no money in the account then the transaction doesn't go through.

Unsure why this is so downvoted? Several banks support turning off the overdraft feature, which just causes debit transactions to be declined (or ACH items returned).

What about NSF fees? The NSF fee at my bank is 8x more than the overdraft fee ($40 vs $5 + 20% APR). Turning overdraft off would be a poor choice for me even if I anticipated the occasional overdraft.

Re: Walmart's effort to get customers to build up their savings accounts

#76

Post by kefka »

bpodgursky wrote: post #73
fefesafaea wrote: post #65

Earlier quoted context omitted.

Not sure why you are accusing me of intellectual dishonesty, unless the goal is to derail the conversation. You are right to say that a few of the specifics I gave were not correct. I was clearly not arguing that. However, the specifics you gave were not 100% correct either. For instance, if you go to an atm machine in a wal-mart and attempt to withdraw cash, you will be charged 3 dollars. The fee breakdown I linked…

The FAQs ( https://www.walmartmoneycard.com/account/faqs ) say > You can withdraw cash from your card at any Walmart register or MoneyCenter. This service is free for the Walmart MoneyCard product with Cash-Back Rewards. Where are you looking?

I suppose you're in the wrong income bracket to have considered services from them.

Yes, they do charge fees at the register, regardless your link. When I went and deposited the $200 check from Wal-mart at a register, and $197 goes in... yeah. You can link URL's all you want. But 3$ disappeared in that transaction for "reasons".

I know because I've used the plans that people here are talking about. Unlike the rest of you, I've had them. I've used and been used by them.

Re: Walmart's effort to get customers to build up their savings accounts

#77

Post by tastythrowaway2 »

bpodgursky wrote: post #24
fefesafaea wrote: post #13

Kind of fucked up that the article doesn't mention the fees associated with these cards until like 3/4 of the way into the article. These cards charge 5 bucks a month, plus like 3 dollars to deposit cash, 3 dollars to withdraw cash, in addition to the 5-10 dollars up front for the card itself. Because of this, a person using this type of card can easily spend $100+ a year on fees. Not exactly a great way to save mone…

Just read the article. It's $1 for the card and free cash withdrawal at a Wal-Mart banking center. It is $5/mo for accounts with less than $1000, but you're not going to get better than that at a bank. More importantly, they aren't pulling the overdraft scams that banks are. The example right here is that the customer in question pulled $100 in overdraft fees over a $4 purchase, with a traditional bank card.

I literally have 3 accounts that are better than that, also with no ATM fees.

Re: Walmart's effort to get customers to build up their savings accounts

#78

Post by 1123581321 »

ilaksh wrote: post #70

The reason I have trouble saving is not because I am a weak-willed low-life as implied by this article. The reason is because there is not enough money to pay for things that I need, so I have to make difficult choices about what to go without. And choosing to save usually seems unwise when it means neglecting some other need.

Yes, exactly (and I don't believe the article implied what you said.)

People with low incomes make rational spending choices. By offering a financial incentive to use the vault, Wal-Mart is trying to make saving as attractive as another possible purchase. Borrowing your language, saving becomes a difficult choice instead of an easy choice not to save.

Re: Walmart's effort to get customers to build up their savings accounts

#79

Post by batiudrami »

bpodgursky wrote: post #24
fefesafaea wrote: post #13

Kind of fucked up that the article doesn't mention the fees associated with these cards until like 3/4 of the way into the article. These cards charge 5 bucks a month, plus like 3 dollars to deposit cash, 3 dollars to withdraw cash, in addition to the 5-10 dollars up front for the card itself. Because of this, a person using this type of card can easily spend $100+ a year on fees. Not exactly a great way to save mone…

Just read the article. It's $1 for the card and free cash withdrawal at a Wal-Mart banking center. It is $5/mo for accounts with less than $1000, but you're not going to get better than that at a bank. More importantly, they aren't pulling the overdraft scams that banks are. The example right here is that the customer in question pulled $100 in overdraft fees over a $4 purchase, with a traditional bank card.

>It is $5/mo for accounts with less than $1000, but you're not going to get better than that at a bank.

What? It costs money to lend your money to the bank in the US?

Re: Walmart's effort to get customers to build up their savings accounts

#80

Post by johnm1019 »

asafira wrote: post #33
bpodgursky wrote: post #24

Earlier quoted context omitted.

Just read the article. It's $1 for the card and free cash withdrawal at a Wal-Mart banking center. It is $5/mo for accounts with less than $1000, but you're not going to get better than that at a bank. More importantly, they aren't pulling the overdraft scams that banks are. The example right here is that the customer in question pulled $100 in overdraft fees over a $4 purchase, with a traditional bank card.

What do you mean by "It is $5/mo for accounts with less than $1000, but you're not going to get better than that at a bank."? Aren't there lots of banks that charge nothing even if you only have <$1000?

A great example is Ally Bank (happy customer here!)

https://www.ally.com/bank/interest-checking-account/#fees

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