Walmart Tries to Become Your Bank with the “Walmart MoneyCard”
June 12th, 2007Via: Consumerist:
“Would you like to load your check onto a Wal-Mart MoneyCard?”
Get ready to hear this phrase whenever you cash a check at Walmart (which you shouldn’t do anyway, but that’s another post.) Walmart has launched a prepaid debit card, issued from the same bank that also issues their credit cards.
Why is Walmart doing this? They’re going after the “unbanked” market, the same group of people who get screwed with payday loans, income tax advance refund loans, prepaid debit card fees, auto-title loans and every other awful “service” that this website warns you about.
Check our Walmart’s awesomely evil deal: Cashing your check costs $3.00, but if you put the money on a Walmart MoneyCard, they’ll waive the $4.64 “loading” fee. Neat! After that it’s only $4.94 a month to keep your money on the card.
Want to know how much is left? That’ll be $0.70 to check your balance .This card, in essence, takes people who don’t have access to the banking system in this country and makes Walmart their “bank.” Except it’s a “bank” where it costs $1.95 to get money from an ATM, but getting “cash back” from Walmart’s POS is free! If you deposit more then $1,000, Walmart will generously waive the monthly maintenance fee on the card. Want to speak to a teller? That’ll be $3.50. Your paper statement? $2.00. What a deal!
Related: The Poverty Business
Well, its not like “full service” banks don’t try and nickle and dime you to death either.
Standing in line fee? Check!
Stupid looks and stupid answer surcharge? Check!
Fee for the fee for keeping your money fee? Double Check!
That unfuzzy feeling fee? Check! check! check!
Oh Walmart. How I love your ways.
When u start wooing me with the lowest prices on California and Washington state red wines perhaps I’ll come back to you. And then maybe I’ll check out your “organic food” section.
Wow, did I just write that?
Sheesh. Somebody please slap my face or throw a cold bucket of water on me.
Walmart = Birds of Preying on those not knowing how Walmart is attempting to corner your world – that is, own you through all of their righteous services. Lowest price? Surely, always. Their products, made in China, China, China.
PIECE OF CRAP? Return it for a full exchange or refund. But please, comon back now, ya hear? We want to sell you another piece of crap, and our services as well.
Oh, and another thing that I’m sure you’ve mentioned in the past, all those “Rent to own” operations. Just who in the hell is stupid enough to fall for that kind of rip off? I shouldn’t have to ask, because I instinctively know, but its obscene that they exist. Its devilishly clever, but even more unbelievable is that they flourish. I suppose that line about a fool and his money holds true.
Anyone else remember ‘Omni Consumer Products (OCP)’, the soulless exploitive megacorporation from the Robocop films?
Yep, Wal-Mart aspires to be OCP. They are nearly there now.
Dang it, Fallout, you stole my line! And not only that, but it seems to me that life really does imitate art. I can just see Walmart controlling Detroit! (Will they call it “Delta City”?) All I wanna know is…which side is Eminem on? Oh, I know…Eight Mile Road will be in “Old Detroit”…
Well, I guess they got me on this one. But not no more,They charge you two dollars just to talk to them? Whats with that? Oh well I guess we live and learn