Why? Walmart and banks picking the pocket of the poorest!

[Miigwech]

Took a disabled friend shopping at Walmart today. She is in a wheelchair due to stage 4 cancer. She was a business owner and has worked her whole life until she became sick. Thanks to our Gov., she has Medicare disability, to help her. However, she needs to pay bills that have to be paid by credit card, check or money orders. The banks charge monthly fees so it is impossible for her to have a checking account and can't get a credit card. She first had to go to an ATM to draw money deposited from her SSI disability, with a charge. So then, she has to get in line at the Walmart to get a money order. They charge her her again. Why? What happened to the idea of Post Offices acting as Banks? It would really help out the pitiless poor.
Corporations and banks picking the pockets of poor folks (and our tax dollars). Dems, please make this an issue to fight for. Thanks.

Walmart.com Help Center Find Answers In-Store Check Cashing

In-Store Check Cashing
How to Cash a Check at Your Local Walmart

Just present your check for cashing at the Money Center or Service Desk in your local Walmart store.
What types of Checks we can cash
We cash the following:

Payroll checks
Government checks
Tax checks
Cashier's Checks
Insurance settlement checks
401(k), retirement distribution checks
All Pre-Printed Checks*
MoneyGram Money Orders
Two-Party Personal Checks**

We can cash checks and money orders in any amount up to and including $5000.
Pre-Printed Check Cashing Fees*

Cashing your check at your local Walmart is affordable, with fees based on the amount of the check:

For checks up to and including $1000: $4.00*
For checks over $1000 up to and including $5000: $8.00*

Two-Party Personal Check Cashing Fees**

Cashing your check at your local Walmart is affordable, with fees based on the amount of the check:

Two-Party Personal Checks Up to $200: $6 or Less*

*

https://help.walmart.com/app/answers/detail/a_id/89/~/in-store-check-cashing

Providing financial services in post offices “could benefit the 68 million underserved Americans who either do not have a bank account or rely on expensive services like payday lending and check cashing,” says an inspector general report issued in May. “The products also could help the Postal Service generate new revenue to continue providing universal service. Because it has a presence in every neighborhood, including many places where there are no longer any bank branches, the Postal Service is well suited to provide such services. In addition, its well-trained workforce is already experienced at handling complex transactions and watching out for related fraud and other risks.”

https://www.washingtonpost.com/news/federal-eye/wp/2015/10/29/should-the-post-office-also-be-a-bank/?noredirect=on&utm_term=.975e052852f2

[Beakybird]

1. Their business model is built on picking change from millions of pockets

[Miigwech]

2. Well just take away their business paradigm

Post Office banks that let folks cash Gov. checks without charges.

[Hoyt]

3. Sorry for your friend. As I understand it, Walmart charges less than USPS for a Money Order.

No fan of WalMart, big fan of USPS since my granddad took me on his rural route, but facts are important too.

[Miigwech]

6. My question remains

Why can't we make a banking system that works for poor folks. I remember as a kid, having a bank account with a bank book. I would bring in my meager earnings, from odd jobs and, they took my $5.25 and stamped my book. Never charged me for the benefit I gave them for holding my money.

[Hoyt]

8. Sounds like we have it, or something close, see post #4.

[former9thward]

9. What benefit did they get from handling, recording and holding your $5.25?

Do you think those transactions cost nothing?

[Miigwech]

10. Yes, back then they used my money to lend

[former9thward]

16. And the cost of handling your $5.25 was far more than what they got by lending it.

[Miigwech]

17. So why did they do it then?

[Hoyt]

21. Because the bank knew you were likely to go where your parents went, and they wanted to keep it in

the family and teach you "good banking" (ie, using their bank) practices.

It wasn't a bad deal, but not altruistic.

I do agree there needs to be some cheap/free system for disabled, sick, poor, etc., and it looks like we have something decent according to other posters, if not perfect for everyone.

[Miigwech]

25. So you stated a good answer for poor folks trying to clime out of poverty

pehaps or Post Office Bank for processing gov. checks without the fees that pick poor folks pockets and fleece taxpayers

[Blue_true]

19. I think USPS charges less than $2 based upon what I overheard once.

Plus, I person can do a direct buy using a debit card, bypassing a bank fee.

[Hoyt]

20. But WalMart charges almost half of that (about 60% of USPS).

[wcmagumba]

4. I signed up for a Direct Express Card through SS...

My SS retirement starts in a month and I signed up for this free card they offer.
It is a MasterCard Debit card with no monthly fees and your SS payments are directly
deposited to the card with no bank account required. You can get cash from any
bank that has the MC Logo displayed with no additional charges but you do have to use
a teller or can get cash back with a small purchase somewhere like WalMart, There is
still a fee for ATM usage unfortunately.

https://www.usdirectexpress.com/faq.html

[jodymarie aimee]

5. Governors have nothing to do with Medicare

that is a FED program...you might mean Medicaid...banks here do not charge for checks...you must look into her getting a checking acct and make things much easier...

[JCMach1]

7. Walmart's Green Dot bank would work well for her

If she can pay online. She can direct deposit and monthly fee is much smaller than the fees she is paying to cash check and money order. https://www.walmartmoneycard.com/

I don't usually recommend Walmart, however this would seem an easier, safer option for her.

https://www.walmartmoneycard.com/

[wishstar]

11. Some banks have free checking accounts with free checks and free ATM for over age 50 customers

My spouse and I have used senior accounts since we turned 50 and never paid a fee or had to pay for checks.

[at140]

12. You are correct sir!

The neighborhood bank had free checking for seniors, but it was bought out by a bigger bank and they charge $5.65/month service fee for checking accounts. However if you open a saving account with $300, there is no service fee, so I closed out checking and opened a savings and I can cash checks there. Walmart fees for check cashing are too high and obvious rip-off..

[spinbaby]

13. I forget who said it, but it's true

To make money off of poor people, you have to keep them poor.

[Trailrider1951]

14. Your friend might look at a local credit unions

I have my social security money directly deposited in my no fee checking account, which also comes with a free debit card and free checks, since I'm over 55. Most credit unions are very safe, and provide most banking services at a fraction of the cost of a bank. Also, most credit unions have relaxed their membership rules, so it is easier than ever to join one. Hope this helps!

[nitpicker]

22. +1

My "debit union" pays interest on savings and even a bit on checking1

[crazycatlady]

15. this is known as 'unbanked' in the industry

Some people don't trust banks and want to do things under the table (for legit reasons or not). Some people don't have the documentation to open a bank account (US SSN, photo ID), and others are unable to open an account if they wanted due to Chex Systems (bad check tracker), which will blacklist people from opening an account if one check bounces.

Others experience generational issues with banks. If they grew up watching their parents use the check cashing place, paying bills with money orders, etc, it becomes ingrained in them.

I used to work in the banking industry.

[Blue_true]

18. You are somewhat misguided on your rage.

Not that the banks and Walmart don't suck, they do. But she can go to the Post Office and use her debit card to buy a money order, without a bank fee. I have seen that happen and overheard the fee explained, it was not much. By doing a onestop transaction at the Post Office, she can save part of the bank fee and all of the Walmart fee. I am not sure that all Post Office branches sell money orders, but the way post offices are set up in most cities, she should not be very far from one that does sell money orders.

[Sgent]

23. Look at Chase

they have a free checking account with ATM/debit and free online billpay if her SS check is direct deposited. No ATM fees if she uses a Chase ATM.

[Chuuku Davis]

24. Credit union?

No fees here for a checking acct
And my bank doesn't charge a fee