Walmart Targets The Poor With New Checking Accounts

CourtJester · Oct 2, 2014

PatrickT said: ↑

I never said all liberals are on the dole. President Obama, George Soros, Chris Mathews, and Al Sharpton are all liberals and aren't on the dole. They are looking for handouts, though. But, while I would argue that not all liberals are on the dole I suspect the overwhelming majority of the people on the dole are liberals and are registered Democrats whether they know it or not.

And, Joker, I don't object to helping people who need help through no fault of their own. I'll even do it with my own money. Liberals are usually stingy with their money and generous with someone else's money. In the town where I worked a young man who was developmentally and physically disabled and the government forced a local theater to fire him from his job. A deadbeat stole his television, his VCR, and his videotapes shortly before Christmas. Since the government wouldn't help him, some private citizens bought him a new television and VCR. They obviously weren't liberals.

But, a liberal I know who was a newspaper editor did write a wonderful story about a drunk who wouldn't stay sober long enough to get a job and desperately needed help. Of course, liberals wouldn't help him with their own money although they thought he was deserving and conservatives wouldn't help him because he chose to be a drunk.
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You are hooked on generalizations that you can't support about liberals. Now post all your generalizations you can't support about conservatives.

JavisBeason · Oct 2, 2014

danielpalos said: ↑

I believe the only problem with EBT transactions is that they cannot be used with financial planners.
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they can be used for Monster energy drinks though....

TexMexChef · Oct 2, 2014

PatrickT said: ↑

I never said all liberals are on the dole. President Obama, George Soros, Chris Mathews, and Al Sharpton are all liberals and aren't on the dole. They are looking for handouts, though. But, while I would argue that not all liberals are on the dole I suspect the overwhelming majority of the people on the dole are liberals and are registered Democrats whether they know it or not.

And, Joker, I don't object to helping people who need help through no fault of their own. I'll even do it with my own money. Liberals are usually stingy with their money and generous with someone else's money. In the town where I worked a young man who was developmentally and physically disabled and the government forced a local theater to fire him from his job. A deadbeat stole his television, his VCR, and his videotapes shortly before Christmas. Since the government wouldn't help him, some private citizens bought him a new television and VCR. They obviously weren't liberals.

But, a liberal I know who was a newspaper editor did write a wonderful story about a drunk who wouldn't stay sober long enough to get a job and desperately needed help. Of course, liberals wouldn't help him with their own money although they thought he was deserving and conservatives wouldn't help him because he chose to be a drunk.
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VCR! When did this happen 1995? You need to update your hard luck story.

danielpalos · Oct 2, 2014

JavisBeason said: ↑

they can be used for Monster energy drinks though....
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is it a coincidence or a conspiracy, that people can buy drugs with EBT cards but not obtain help with financial planners with EBT cards under our form of Capitalism?

doombug · Oct 2, 2014

Agent_286 said: ↑

Walmart Targets The Poor With New Checking Accounts

The Huffington Post | By Jillian Berman | Posted: 09/25/2014 1:59 pm EDT
Excerpts:

"By offering low-fee checking accounts, Walmart dares to go where most big banks won't. Few major financial institutions are willing to give lower-income Americans checking accounts these days - without exorbitant fees.

But, unlike the big banks, Walmart really needs low-income customers.

The retail goliath on Wednesday announced it would offer customers checking accounts with no minimum balance and no fees for overdrafts or bounced checks. Those who get a direct deposit of at least $500 every month -- a floor that includes many people receiving government benefits -- will have the $8.95 monthly fee waived.

The decision to introduce the checking account, which will be available by the end of October, came after hearing from customers that "traditional banking fees are just too high,: said Molly Blakeman, a Walmart spokeswoman. "We think that our customers have a need there and we're looking to help them fill that."

Walmart's core customers -- low-income Americans -- have been squeezed by government benefit cuts, high unemployment and stagnant wages.

The new checking account may offer some relief by cutting the cost of financial services, like paying bills and cashing checks. That also could free up money for people to spend at Walmart.

Walmart needs that money. Sales at U.S. stores open a year, an important retail metric, have been flat or negative for six straight quarters. Food stamp cuts in November hurt the company's bottom line, executives said.

Walmart has been pushing for several years to get into financial services. The company offers check-cashing, bill-pay and a prepaid debit card. The retail giant also houses independent bank branches in some of its stores.

In the mid-2000s, Walmart tried to get a federal bank charter so it could take deposits, a move widely opposed by the banking industry at the time. This new effort differs in that the services are provided through Green Dot Bank, but exclusively available at Walmart. To open an account, customers must buy a $2.95 starter kit from a Walmart store.

In recent years, traditional banks have shied away from lower-income people without traditional bank accounts -- "the unbanked and underbanked," who make up nearly 10 million and 24 million households in the U.S. respectively, according to the Federal Deposit Insurance Corp. Because banks can't make much money off accounts with low balances, "they're trying to repel these accounts with high fees," said Mehrsa Baradaran, a professor at the University of Georgia's School of Law who studies the unbanked.

That Walmart is one of the few options available to poor customers looking for a cheap bank account is troubling, given the retailer's profit motive, said Wallace Turbeville, a senior fellow at Demos, a progressive think tank. Unlike the Post Office, which some have considered as an option for low-fee checking, there's no reason for Walmart and its partner bank not to take advantage of customers who have so little bargaining power, he said.

"There's a huge number of people that are underserved or overcharged for financial services, Turbeville said. "That suggests that its going to be profitable for Walmart."

read more:
http://www.huffingtonpost.com/2014/09/25/walmart-checking-account-poor_n_5876178.html
......

IMO: So Walmart "associates" are going to be bankers now? Do they get paid a better salary for that additional non-wage-paid work? Will they be compelled to give up their break time to fill in for the real banker that needs his break? Does this whole new enterprise conflict with the employees' wage scales, and what profit does Walmart expect to get from this invasion into the banking field?

With the Walmart owners right up there with the 1%ers in extreme wealthy in the Walton Family, why are Walmart employees still collecting compensation from the government for medical and living costs, when the Waltons' profits have soared for decades making them within the 1% of the richest corporations in the U. S.

Now is the time for banks to stop favoring customers that have huge bank accounts and lower their fees to become competitive with Walmart in order to keep the customers they now have and to keep them in the future.

What other corporations have done in moving their companies overseas for cheap labor and bigger profits, Walmart CEO's have succeeded in getting the same profits for Walmart without moving their companies overseas, getting all the expenses of their employees paid by our government thru funds from taxpayers...which means we are paying the expenses for the Waltons to be one of the richest corporations in America.
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Libs are so busy whining about everything that they can't see this as the marketplace working to help poor people. Lol! Isn't it hilarious how some are so blinded by ideology they can't see the forest for the trees.

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Walmart Targets The Poor With New Checking Accounts

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