Comments on: The evolution of prepaid debit http://blogs.reuters.com/felix-salmon/2012/03/30/the-evolution-of-prepaid-debit/ A slice of lime in the soda Sun, 19 May 2013 14:44:14 +0000 hourly 1 http://wordpress.org/?v=3.4.2 By: OuterLimits http://blogs.reuters.com/felix-salmon/2012/03/30/the-evolution-of-prepaid-debit/comment-page-1/#comment-37488 OuterLimits Fri, 30 Mar 2012 22:43:41 +0000 http://blogs.reuters.com/felix-salmon/?p=12865#comment-37488 I read the whole post did you? That part of the post specifically is about Simple, which despite being prepaid is not aimed at the unbanked. https://www.simple.com/ The other products mentioned are for the unbanked. I read the whole post did you?

That part of the post specifically is about Simple, which despite being prepaid is not aimed at the unbanked.

https://www.simple.com/

The other products mentioned are for the unbanked.

]]> By: silliness http://blogs.reuters.com/felix-salmon/2012/03/30/the-evolution-of-prepaid-debit/comment-page-1/#comment-37486 silliness Fri, 30 Mar 2012 21:01:49 +0000 http://blogs.reuters.com/felix-salmon/?p=12865#comment-37486 I don't think some of you read the whole post... "And it’s aimed at a decidedly affluent demographic: you’re not even allowed to join if you don’t have an iPhone or Android phone." This isn't about helping the unbanked or those with bad credit. I don’t think some of you read the whole post…

“And it’s aimed at a decidedly affluent demographic: you’re not even allowed to join if you don’t have an iPhone or Android phone.”

This isn’t about helping the unbanked or those with bad credit.

]]> By: OuterLimits http://blogs.reuters.com/felix-salmon/2012/03/30/the-evolution-of-prepaid-debit/comment-page-1/#comment-37484 OuterLimits Fri, 30 Mar 2012 19:34:46 +0000 http://blogs.reuters.com/felix-salmon/?p=12865#comment-37484 These cards are for people who have been temporarily banned from the banking system for too many overdrafts. Banks screen customers through Chex Systems and EWS. If you are placed onto one of those lists you are banned for 5-7 years from obtaining a bank account. It doesn't necessarily mean you are poor or have bad credit either. It's about the overdrafts. These cards are for people who have been temporarily banned from the banking system for too many overdrafts. Banks screen customers through Chex Systems and EWS. If you are placed onto one of those lists you are banned for 5-7 years from obtaining a bank account.

It doesn’t necessarily mean you are poor or have bad credit either. It’s about the overdrafts.

]]> By: Strych09 http://blogs.reuters.com/felix-salmon/2012/03/30/the-evolution-of-prepaid-debit/comment-page-1/#comment-37478 Strych09 Fri, 30 Mar 2012 17:13:54 +0000 http://blogs.reuters.com/felix-salmon/?p=12865#comment-37478 TFF and MrRFox, you aren't the primary target market for prepaid debit cards, the unbanked and members of the lumpenproletariat are. When I was fresh out of college and lived in the grittier part of the city, I had a neighbor who worked as a low-end, er...escort, and she couldn't get a credit card due to a ruined credit rating, using a pre-paid debit card at least gave her some of the protections that people like you take for granted. The same held true for the neighborhood corner drug dealer who stood on the corner outside of the liquor store for hours and hours on end hoping to make a sale (this is how I know he sold drugs like crystal meth and marijuana; he tried to sell me some). When he got hungry or thirsty he could go into the store and buy something or reduce the amount of cash he was holding by putting it on the prepaid debit card using green dot if he was having a particularly good sales day. Bank of America isn't going to grant people like these a MasterCard. TFF and MrRFox, you aren’t the primary target market for prepaid debit cards, the unbanked and members of the lumpenproletariat are.

When I was fresh out of college and lived in the grittier part of the city, I had a neighbor who worked as a low-end, er…escort, and she couldn’t get a credit card due to a ruined credit rating, using a pre-paid debit card at least gave her some of the protections that people like you take for granted.

The same held true for the neighborhood corner drug dealer who stood on the corner outside of the liquor store for hours and hours on end hoping to make a sale (this is how I know he sold drugs like crystal meth and marijuana; he tried to sell me some). When he got hungry or thirsty he could go into the store and buy something or reduce the amount of cash he was holding by putting it on the prepaid debit card using green dot if he was having a particularly good sales day.

Bank of America isn’t going to grant people like these a MasterCard.

]]> By: MrRFox http://blogs.reuters.com/felix-salmon/2012/03/30/the-evolution-of-prepaid-debit/comment-page-1/#comment-37475 MrRFox Fri, 30 Mar 2012 12:40:07 +0000 http://blogs.reuters.com/felix-salmon/?p=12865#comment-37475 "Still plenty of free checking accounts around here with very reasonable terms… No need to abandon traditional banking yet." (TFF, last above) *pleads "guilty" to being one of those lawyers who likes to have ink on paper signatures on checks to prove payments* Color me weird - never have used an ATM or a debit card. Dislike the former in principal, and the latter is just a weak version of a credit card. Why bother? I'm with TFF on this one. “Still plenty of free checking accounts around here with very reasonable terms… No need to abandon traditional banking yet.” (TFF, last above)

*pleads “guilty” to being one of those lawyers who likes to have ink on paper signatures on checks to prove payments*

Color me weird – never have used an ATM or a debit card. Dislike the former in principal, and the latter is just a weak version of a credit card. Why bother? I’m with TFF on this one.

]]> By: TFF http://blogs.reuters.com/felix-salmon/2012/03/30/the-evolution-of-prepaid-debit/comment-page-1/#comment-37474 TFF Fri, 30 Mar 2012 11:49:04 +0000 http://blogs.reuters.com/felix-salmon/?p=12865#comment-37474 Debit cards offer weaker consumer protections. If somebody screws up a charge, your money is gone until you can get the bank to reverse the error. No? You could say the same of credit cards, I suppose. An erroneous charge may eat up your credit limit. But that isn't money that I was carrying in the account -- it just means I need to find another way to pay. Still plenty of free checking accounts around here with very reasonable terms... No need to abandon traditional banking yet. Debit cards offer weaker consumer protections. If somebody screws up a charge, your money is gone until you can get the bank to reverse the error. No?

You could say the same of credit cards, I suppose. An erroneous charge may eat up your credit limit. But that isn’t money that I was carrying in the account — it just means I need to find another way to pay.

Still plenty of free checking accounts around here with very reasonable terms… No need to abandon traditional banking yet.

]]> By: silliness http://blogs.reuters.com/felix-salmon/2012/03/30/the-evolution-of-prepaid-debit/comment-page-1/#comment-37471 silliness Fri, 30 Mar 2012 09:16:23 +0000 http://blogs.reuters.com/felix-salmon/?p=12865#comment-37471 Look at that - It's almost like I paid twice! I hope these smart phone payment schemes are more secure than the commenting system! Can I get my second comment back? Look at that – It’s almost like I paid twice! I hope these smart phone payment schemes are more secure than the commenting system! Can I get my second comment back?

]]> By: silliness http://blogs.reuters.com/felix-salmon/2012/03/30/the-evolution-of-prepaid-debit/comment-page-1/#comment-37470 silliness Fri, 30 Mar 2012 09:14:43 +0000 http://blogs.reuters.com/felix-salmon/?p=12865#comment-37470 "...powerful and fully-featured"! Whenever I hear those words, I know a scam is in the works. “…powerful and fully-featured”! Whenever I hear those words, I know a scam is in the works.

]]> By: silliness http://blogs.reuters.com/felix-salmon/2012/03/30/the-evolution-of-prepaid-debit/comment-page-1/#comment-37469 silliness Fri, 30 Mar 2012 09:14:37 +0000 http://blogs.reuters.com/felix-salmon/?p=12865#comment-37469 "...powerful and fully-featured"! Whenever I hear those words, I know a scam is in the works. “…powerful and fully-featured”! Whenever I hear those words, I know a scam is in the works.

]]> By: OuterLimits http://blogs.reuters.com/felix-salmon/2012/03/30/the-evolution-of-prepaid-debit/comment-page-1/#comment-37468 OuterLimits Fri, 30 Mar 2012 08:48:33 +0000 http://blogs.reuters.com/felix-salmon/?p=12865#comment-37468 Felix also make note of the PNC Smart Access account here: http://bit.ly/H2cYn4 Also of note is Green Dot rolling out a remote check deposit that they are calling 'mobile deposit program'. This was talked about in their 3rd quarter earnings call but they are hiring personnel right now: http://bit.ly/H2klO1 Regions also has a prepaid account as does BB&T, OneWest, and BBVA Compass. None are as good as US Bank or PNC products. Regions and BB&T will deny their prepaid account to anyone in EWS so they are not true prepaid products. You do realize that the 'MyAccount' card is a GreenDot card. I hear rumors that Bank of America is rolling something out soon. Bravo for putting out the word that not all prepaids are lousy ripoffs. Felix also make note of the PNC Smart Access account here:

http://bit.ly/H2cYn4

Also of note is Green Dot rolling out a remote check deposit that they are calling ‘mobile deposit program’. This was talked about in their 3rd quarter earnings call but they are hiring personnel right now:

http://bit.ly/H2klO1

Regions also has a prepaid account as does BB&T, OneWest, and BBVA Compass. None are as good as US Bank or PNC products. Regions and BB&T will deny their prepaid account to anyone in EWS so they are not true prepaid products.

You do realize that the ‘MyAccount’ card is a GreenDot card.

I hear rumors that Bank of America is rolling something out soon.

Bravo for putting out the word that not all prepaids are lousy ripoffs.

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