Comments on: Bank Fees Charged To Unemployed Workers

By: Lawrence at CRB

Lawrence at CRB — Sat, 24 Oct 2009 09:36:45 +0000

I agree with DDFD. I think it’s a total ripoff. I think sort of practice should be illegal!

By: DDFD at DivorcedDadFrugalDad

DDFD at DivorcedDadFrugalDad — Wed, 25 Feb 2009 12:07:20 +0000

These banks are a disgrace– they go to the government with their hats out for a handout, they turn around and rape consumers, don’t extend any loans, and pay big executive bonuses and sponsor fancy retreats . . . a disgrace!

By: Jean Farris

Jean Farris — Tue, 24 Feb 2009 18:43:51 +0000

My son has recently been battling with the state of Missouri’s unemployment debit cards. Apparantly there are no fees to use them at the grocery store or gas station, but there are to withdraw cash. So you get penalized if you need cash to pay your rent or some other bill that can’t be paid by VISA or Mastercard. I doubt it would cost the state any more to do direct deposit
so people could continue to use their own banks with much better perks–ours is currently offering 5% interest on checking accounts with at least one direct deposit per month and you MUST use your debit card at least 15 times in the month (no fees to use).

By: LuckieMe Unemployed Again!

LuckieMe Unemployed Again! — Tue, 24 Feb 2009 05:48:45 +0000

I am in texas on unemployment for the second time in three years. In 2006 when I was receiving benefits I had them direct deposited into my account no problem. Eveeryone was happy. This past november when I was laid off again I found out that my only option was to receive my funds on a chase visa debit card.

I think I would rather have an option to pay a flat rate fee monthly to have my money deposited directly to my account. Something around 2.50 or 3.50 a month I think would be reasonable. Something to cover general costs. I pay a one time fee and deal with my bank. Same thing for people who desire a paper check. If that’s what they want to deviate from what the state wants charge a fee and let us pay for what we want. DOn’t force me to have no option and to pay for what is really inconvenient. Why should an unemployed person need to waste gas, drive to find a bank (in dallas the chase banks are scarce) make a decent sized withdrawl and then get in the car (because all these transactions have to be done inside a banking center because you are really not an account holder) and drive over to my own personal bank and make a deposit. The time and money is worth me paying a few bucks a month to get my money the way I wish to get my money.

By: Linda K.

Linda K. — Tue, 24 Feb 2009 01:28:28 +0000

Thank you for your response David K… I appreciate it. I really am looking forward to be working again, if only to feel productive and part of society again. I know things will work out fine, but yes, you do feel kind of cut off at the knees at first. I actually look at this as an opportunity to explore my options and see what’s out there. Thanks for your comment.

By: DavidK

DavidK — Tue, 24 Feb 2009 00:57:09 +0000

@Linda K., I’m sure you think that you will not learn anything from having become unemployed but having been laid off a number of times myself, believe me, you will. There are some things that you pick up on, skills for interviewing, questions to ask of future potential employers to give you insight into how they run their business, things to look for during employment to make you aware that a layoff may be imminent and you may even learn to appreciate some job in the future even though you may not see it now. After my first layoff, I was quite traumatized and just flabbergasted at how little the unemployment compensation was. It definitely made me more determined to save for a rainy day — which did happen at my very next job. (Way to get me again, life!) Thank goodness I had my savings to help out. The job I have now isn’t perfect or even very good, but dammit I make it work as I am quite happy just to be employed during this recession. Having survived several layoffs makes me appreciate it more. I hope that things turn out ok for you too Linda.

There are things to be learned from every situation, though they are not as obvious or as imminent as they may seem.

By: Jennifer

Jennifer — Mon, 23 Feb 2009 22:50:28 +0000

Bank of America is the worst! We had our checking and savings with them and their practices are dishonest. We have USAA now and LOVE them. They are honest and really seem to care about their customers financial position.

By: Linda K.

Linda K. — Mon, 23 Feb 2009 22:40:29 +0000

To DavidK… “On a personal level, people should learn from the experience and not fall into the same hole again. If more people learned from it, it is less likely to happen again.”

What I am learning from being unemployed will NOT keep me from being part of a workforce reduction again. What I hope others learn is that NO ONE is immune to that. There is no such thing as job security anymore. Count your blessings if you are working and KNOW your job is secure. And as little as I might be allowed on unemployment, I am thankful that i do not have children to feed. How I get the money is almost immaterial, but it might be nice if what little I am allowed, I could actually keep it all.

By: Linda K.

Linda K. — Mon, 23 Feb 2009 22:25:37 +0000

I am in that boat, so to speak, collecting unemployement “benefits” in Missouri. You do not have the option to NOT have the debit card. Yes, you can arrange to have it direct deposited to your checking account, but my thought on that was… I did not want the government in my checking account. The card works similar to a debit card in that you can pay for your groceries, etc, with it, and you can get cash back at the point of sale just like on a debit account. But, as far as getting just cash… you have only certain banks that will allow you to withdraw, ATM or otherwise, without a fee. You can track it online and make transfers online to your bank account…but I did that ONCE, and realized after the fact that it was a $2.50 charge for that. (yes, it does say all the charges you will incur if you read the stuff online, even to make a phone inquiry about your status, online is free) I realize this must be much less expensive for the government…but, I also think that it is taking advantage of a disadvantaged group of people. And I also think it is another “outsourcing” going on… like convicted folks on house arrest need to “rent” their equipment from a company in business to do that. It’s all about the money.

Oh, and I also have to pay income tax on those unemployment benefits. As a single person with a limited amount of deductions, I ended up owing money for the first time in my life. Oh yeah, you can have taxes withheld from it, but it’s little enough money as it is.

Many companies are going to a payroll system such as this and for the folks that don’t have checking accounts to direct deposit to and just cashed their checks weekly, this can be confusing. But, once again, it’s all about the money. I really can’t fault them for that, but gee wiz. We don’t ever see cash anymore, or even paper checks. That in itself might be a scary thing.

By: DavidK

DavidK — Mon, 23 Feb 2009 22:02:19 +0000

Quite right almost there, but rather than suing the state and paying the injured parties from the taxpayer’s money, they should be able to sue those politicians who were greased and put this plan together in the first place. That way it (hopefully) doesn’t happen again.