I know there is great profit to be made from exploiting those with the least financial resources. I understand that financial transactions with this class of consumers can be risky. I understand that high-risk endeavors can lead to high reward results. None of that helps me overcome my initial reaction that this is a sleazy financial tactic that abuses lower-income families and individuals.
Walmarts Tries To Become Your Bank With The “Walmart MoneyCard”
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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!
My wife decided we were to boycott Wal-Mart several years ago. This just feels like another reason to pass on passing my money to the corporation. My understanding is that Sam Walton never would have abused the country like this, but I could be way off base.
[tags]Wal-Mart money card for robbing from the poor, Rob from the poor to give to the rich[/tags]