Young Will Stay Away

[somarco]

Several banks have tried the prepaid card. A few years ago there was a payroll company that called on low wage companies trying to get them to process payroll via debit card instead of checks.

Not sure if they are still around or not.

It had a lot of potential. So many fees and markups there was enough money to go around for everyone with their hand out.

 

[stuy119]

Several banks have tried the prepaid card. A few years ago there was a payroll company that called on low wage companies trying to get them to process payroll via debit card instead of checks.

Not sure if they are still around or not.

It had a lot of potential. So many fees and markups there was enough money to go around for everyone with their hand out.

Wasn't that the company that was tied to Aflac in some loose way?

 

[VolAgent]

Several banks have tried the prepaid card. A few years ago there was a payroll company that called on low wage companies trying to get them to process payroll via debit card instead of checks.

Not sure if they are still around or not.

It had a lot of potential. So many fees and markups there was enough money to go around for everyone with their hand out.

I believe they are still running around. If the employee cashes it all out at once, there generally is no charge. If they use it like a debit card or make multiple ATM withdrawals they get hammered with charges.

They generally turned into a nightmare for HR with all the complaints.

 

[somarco]

tied to Aflac

Not this one.

They were a payroll company. Can't remember which one.

Sounds like something AFLAC would use so they may have been involved in that as well.

If the employee cashes it all out at once, there generally is no charge.

Not this card.

No way to avoid a charge. Most would not cash out but carry in their wallet . . . until they lost it.

A lot of breakage in this which went back to the issuer.