![]() They (the general manager speaking on behalf of corporate) claimed that it was so they didn't have to make as many trips to the bank to pay our credit card tips in cash at the end of the shift. It was definitely marketed as getting the money instantly. You could set it to transfer over to your bank once per week, so in effect I just ended up getting my tips direct deposited every monday instead of getting them instantly (ironic) in cash. That said, this specific card (Instant) wasn't too bad. It was just for tips, though (hourly pay was direct deposit twice weekly). I got the impression it was mandatory to switch. These cards don't have fees but some of those prepaid cards have really nasty fees. It's cheaper for the government and the recipient does not have to worry about waiting for a check to clear. In Ontario, welfare recipients in some cities choose between a prepaid card or direct deposit, but not checks. I wanted to say "just use a debit card".) (The other day, I read a post on Yahoo about someone who complained about cashiers robbing them by miscounting change. There's an (old) thread about this here: Of course, some people just hate bank accounts for some reason. Worse, if you didn't do anything wrong but your name or SSN or something is similar to someone who keeps bouncing checks, you could be prevented from having a bank account. (Most banks use Chexsystems, including, as far as I can tell, every major bank.) ![]() If you have a bank account in overdraft (because you keep bouncing checks, for instance) and you abandon that account without paying off the debt, it gets reported, and it sits there for five years.Īlmost every time you open a bank account, they will see this negative information and either say no or only let you open a very basic account. In the US, there's a credit reporting agency called Chexsystems that reports negative information about bank accounts. Here, please treat others with respect, stay on-topic, and avoid self-promotion.Īlways do your own research before acting on any information or advice that you read on Reddit. Get your financial house in order, learn how to better manage your money, and invest for your future.
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