Walmart Targets The Poor With New Checking Accounts

I think I know that dude.

 

It will become a company store scam. Direct deposit of your welfare check will get you one or two bounced check protection, but they already have your money before you have access to it, so they will get their money the next time an auto deposit is made, and since you have to come to them for your money you are more likely to spend your money with them. It will be interesting to see what the fine print says.

 

Leftists target the poor with a "National Homeownership Strategy" that seeks the "creativity of lenders" to help the "underserved" attain the dream of homeownership. Enter: ubiquitous sub prime lending. Enter: signature loans with no proof of ability to repay. Enter: Mae/Mac buying up garbage. Enter the housing bubble/bust that made millions of middle class poor, and millions of poor poorer.

 

I meant other than OP. Should have been more specific.

 

oh no question, if you come in to deposit check, withdraw some, etc.... you have a better chance of spending money in THEIR store due to convenience of location. Nothing wrong with that. Noone is forcing anyone to use the Walmart bank or shop there afterwards. Noone forces those using it to bounce checks so complaining that Walmart charges them for it, like every other bank... is again, just trying to find a reason to hate walmart

 

I wish people would just come out and say they hate capitalism, rather than posts like these

 

But they are not going to charge them for bounced checks. They will allow/establish the opportunity to become indebted to them, "FOREVER".

Force can be about limited choices, and the subversive nature in which that comes about. Walmart isn't evil per say, the managements tactics might be though, but Walmart is not a living/breathing object therefore has no soul or consciousness for that matter. It is only as evil as the people who run it.

Half the population is of average intelligence or better, which means the other half is basically ignorant and lacking intellect to make the right choices, which is why unscrupulous businessmen need fine print on contracts and the best government corporate money can buy allows it.

 

This may be the silliest thing I have heard you say to date.

 

So one of the big, evil, corporations is doing something to help its customers, and somehow you try to find a way to make it out as evil.

Good job lefty, good job. You win the Partisan Hack of the Day award.

 

noone is forcing them to deposit their welfare checks there automatically....

Walmart is providing a service other banks choose not to, for a demographic that is higher-risk. But with that risk, comes a price to pay by the people in that demographic.

 

Banks do not offer small accounts, if one is low income keeping $1000+ in an account not to get fees charged is prohibitive its like burying the money you can access it, direct deposits for SSI are currently $480 or $721 and most banks require more than the lower amount for no fees so what options are there?

Banks gave up children's accounts, Christmas club accounts, low end accounts and small loans (microlending) so what good are they if your poor?

 

Do you think that check cashing businesses are serving the financial needs of the poor?

 

Right you said that already. Nobody forces marks to fall into a con-artists trap, that doesn't make it less unscrupulous or even at times illegal/criminal.

"Bernie" Madoff didn't 'force' anybody to do anything either, should he be roaming the streets looking for another mark?

 

So with little to no other choices then it would appear they are being coerced into doing something.

 

Taking advantage of them is more like it. Just like those paycheck loan companies. They are preying on them for financial gain. not much different than a slumlord, or a local grocer overcharging food stamp recipients to purchase non food items. Eventually they will be at wallyworld's mercy in debt, and the government will eventually one way or another bail them (wallyworld) out of that debt, so they don't feel the crunch from their risky decisions.

 

Oh, the leftist hate competition. The government doesn't have to compete with anyone.

 

No Wal-Mart will be a banker and they already have tellers and bank managers working in the Wal-Mart Money Centers in most of their superstores.

Ahhh the shelve stockers and checkout clerks don't work in the Money Centers, tellers do.

Your hate for Wal-Mart seems to be clouding your view. And BTW all those employees have a very attractive package with which they can benefit from the profits Wal-Mart makes.

- - - Updated - - -

Do you have any idea how many people have gone from nothing to lots of wealth because of Wal-Mart? ALL employees can participate in employee stock plans and can build lots of wealth in doing so.

 

Why isn't the left wing whole foods trying to help the poor? Where is the whole food credit cards?

 

Did I miss the part about the checks can only be cashed at Wal-Mart? And this will also help those low income people better their credit rating, another plus.

 

Wal-Mart's entire business model revolves around "Cut out the middleman."

Looks like banks get the "middleman" treatment.

 

so you are suggesting we hand hold adults who can't manage their money? The service they provide, allows some a chance to fix their credit. If a person wastes that opportunity, that's not walmarts problem

 

Do you even have a clue on what the company store is? The entity in the U.S. that is closest to the company store is the federal government. The more you work the more you owe them. They decide what you owe them and if you argue you get thrown out of your house.

What's the pay? What difference does it make? It's what the people agreed to work for. It's a concept liberals don't understand.

The interest rate is what it is. It's what you agree to. Keep in mind, Joker, that only the government can force you at the point of a gun to do business with them.

 

You've surely read that Peyton Manning has some pizza restaurants in Denver and he's excited about pot being legalized...more pizza sales!!

 

You mean those loan shark wanna-bes? Don't get me started! There definitely is a need for reliable responsible banking services at the low end and Walmart might fill the void, but regulators consumer advocates and congress need to monitor for the inevitable temptation to exploit once Walmart wins a large share of the market.

 

What's the difference to this and the Obama my-Ira crap? You give the government money to put into an IRA that growing less than the inflation rate. Stealing from the poor just a different way.