Comments on: The New Social Security Debit Card – Benefits and Drawbacks http://www.creditwithdrawal.com/wordpress/2008/01/30/the-new-social-security-debit-card-benefits-and-drawbacks/ Helping You Kick the Credit Habit, One Good Idea at a Time Thu, 31 Dec 2009 04:56:04 -0700 http://wordpress.org/?v=2.8 hourly 1 By: bobe http://www.creditwithdrawal.com/wordpress/2008/01/30/the-new-social-security-debit-card-benefits-and-drawbacks/comment-page-1/#comment-1820 bobe Wed, 07 May 2008 22:44:03 +0000 http://www.creditwithdrawal.com/2008/01/30/the-new-social-security-debit-card-benefits-and-drawbacks/#comment-1820 Interesting comments by those who do not receive Social Security checks. Some of us, I am one, rely on the mailed checks. I have to worry about delays, sometimes up to 4 days and lost or stolen checks. I have applied for the debit card route. I can make purchases with it onlne or at stores, like any debit card and withdraw cash when I need it. I will of course have to be a bit more fastidious concerning ATM charges. I applied for it the first day, April 23rd and my application approval is still pending as of today, May 7th. Interesting comments by those who do not receive Social Security checks.

Some of us, I am one, rely on the mailed checks. I have to worry about delays, sometimes up to 4 days and lost or stolen checks.

I have applied for the debit card route. I can make purchases with it onlne or at stores, like any debit card and withdraw cash when I need it.

I will of course have to be a bit more fastidious concerning ATM charges.

I applied for it the first day, April 23rd and my application approval is still pending as of today, May 7th.

]]> By: derek http://www.creditwithdrawal.com/wordpress/2008/01/30/the-new-social-security-debit-card-benefits-and-drawbacks/comment-page-1/#comment-1684 derek Sat, 19 Apr 2008 13:18:12 +0000 http://www.creditwithdrawal.com/2008/01/30/the-new-social-security-debit-card-benefits-and-drawbacks/#comment-1684 Who can help me? THX. I live in China, and I can't go to US physically. I just want to open a checking account in BOA(bank of ameriva), what shall I do to reach the target? OR is there anyone who can help me? If you can help me, please contact my email. tangxx8511@yahoo.com.cn Who can help me? THX.
I live in China, and I can’t go to US physically. I just want to open a checking account in BOA(bank of ameriva), what shall I do to reach the target? OR is there anyone who can help me? If you can help me, please contact my email. tangxx8511@yahoo.com.cn

]]> By: Sunday Money Roundup - Superbowl XLII Edition. | My Two Dollars http://www.creditwithdrawal.com/wordpress/2008/01/30/the-new-social-security-debit-card-benefits-and-drawbacks/comment-page-1/#comment-996 Sunday Money Roundup - Superbowl XLII Edition. | My Two Dollars Sun, 03 Feb 2008 15:02:14 +0000 http://www.creditwithdrawal.com/2008/01/30/the-new-social-security-debit-card-benefits-and-drawbacks/#comment-996 [...] Withdrawal talks about The New Social Security Debit Card - Benefits and Drawbacks. Just for the record, I think it’s a bad [...] [...] Withdrawal talks about The New Social Security Debit Card – Benefits and Drawbacks. Just for the record, I think it’s a bad [...]

]]> By: Personal Finance Articles | My Dollar Plan http://www.creditwithdrawal.com/wordpress/2008/01/30/the-new-social-security-debit-card-benefits-and-drawbacks/comment-page-1/#comment-983 Personal Finance Articles | My Dollar Plan Sat, 02 Feb 2008 14:23:47 +0000 http://www.creditwithdrawal.com/2008/01/30/the-new-social-security-debit-card-benefits-and-drawbacks/#comment-983 [...] Making a Just One Club card from The Wallet Hack. This is a great idea! Now I don’t have to carry around a bunch of loyalty cards anymore…. although some people may add a new card with the plans for a new Social Security debit card. [...] [...] Making a Just One Club card from The Wallet Hack. This is a great idea! Now I don’t have to carry around a bunch of loyalty cards anymore…. although some people may add a new card with the plans for a new Social Security debit card. [...]

]]> By: Larry http://www.creditwithdrawal.com/wordpress/2008/01/30/the-new-social-security-debit-card-benefits-and-drawbacks/comment-page-1/#comment-953 Larry Fri, 01 Feb 2008 15:24:45 +0000 http://www.creditwithdrawal.com/2008/01/30/the-new-social-security-debit-card-benefits-and-drawbacks/#comment-953 Truth be told, I don't think the banks are in business to house small accounts. Rather, they are in the business to charge fees! I think it is a snowball's chance that they will cater to these type of folks and be more lenient. They are all about the fees... low balance fees, overdraft fees ($30 ?), etc. Having said that, I personally bank at Bank of America, but I have a hard time seeing those less fortunate getting the shaft by any business. Those with the least amount of money have the most to lose by spending extra fees. There was an article in the WSJ on Thursday, January 24th by Bill Clinton and The Governator on the very subject of the unbanked getting the shaft and what should be done. Same conclusion as you in that the banks should be more lenient. Not going to happen unless they are forced to do so. As for ATM fees, do the recipients of the SSI cards even have "in network" ATMs? Or, are they simply not charged by Comerica on the first transaction, but have to fork over the $2.50-$3.00 "off network" fees EVERY time? Last question as it relates to these cards? Using my example of spending 2% to cash a $500 SSI check ($10), it seems like it would make more sense to go that route rather than choosing the Debit Card (the $10 one time check cashing fee would be the equivalent of 3 ATM withdrawals). If I were to have the option, I think I would choose the check cashing facility with a paper check. Do the SSI recipients have the option to decline the card and keep receiving checks or are they forced to implement the card? Truth be told, I don’t think the banks are in business to house small accounts. Rather, they are in the business to charge fees! I think it is a snowball’s chance that they will cater to these type of folks and be more lenient. They are all about the fees… low balance fees, overdraft fees ($30 ?), etc.

Having said that, I personally bank at Bank of America, but I have a hard time seeing those less fortunate getting the shaft by any business. Those with the least amount of money have the most to lose by spending extra fees.

There was an article in the WSJ on Thursday, January 24th by Bill Clinton and The Governator on the very subject of the unbanked getting the shaft and what should be done. Same conclusion as you in that the banks should be more lenient. Not going to happen unless they are forced to do so.

As for ATM fees, do the recipients of the SSI cards even have “in network” ATMs? Or, are they simply not charged by Comerica on the first transaction, but have to fork over the $2.50-$3.00 “off network” fees EVERY time?

Last question as it relates to these cards? Using my example of spending 2% to cash a $500 SSI check ($10), it seems like it would make more sense to go that route rather than choosing the Debit Card (the $10 one time check cashing fee would be the equivalent of 3 ATM withdrawals). If I were to have the option, I think I would choose the check cashing facility with a paper check.

Do the SSI recipients have the option to decline the card and keep receiving checks or are they forced to implement the card?

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