Wal-Mart moves into banking with debit card

[mark]

Wal-Mart, furthering a lucrative push to offer financial services to its customers, will sell prepaid Visa debit cards that would allow millions of low-income shoppers who don’t have bank accounts to keep up with an increasingly cashless society.

Read about it here:

http://www.msnbc.msn.com/id/19328106/


Is this something you would try?

Why or why not??

I'll post my thoughts soon .............see ya mark

[acoolmom777]

Nope....had a walmart credit card (I don't do debit cards) when this new one open...I never got my statement until 3 days after due date each month for 8 months in a row...and for 3 months in a row...they credited my payments to another account...it took me 3 weeks and major paperwork to get this all fixed....I stick with major bank cards only

[tkcomer]

They may be on to something here. Wally's will be latching on to the people shunned by banks years ago. A lot of poor and lower middle class can't maintain a “minimum balance” at a lot of banks due to the high fees. As long as they don't pull the same stunt as a lot of banks that issue debit cards. Letting you withdraw more than you have and then socking you with hefty fines, er fees. Not the way it originally was pitched. You run out of money, that's it. Now they let (Hope) you overdraw to get those fees. If they do this right, they'll make millions.

[Foxy]

Oh Brother!!

[kcredden]

I have no problem with pre-paid debit cards. PROVIDED they work like those gift cards or gas cards. Meaning I put in $25, and when I spend $25, that's it.

But like TK wrote, I don't like debit cards, that allow you to overdraw your account. When I started having that problem, I chopped up mine, and sent it back to U.S. Bank telling them why. Now I have a credit card that's used in an emergency. So far, I've only used it 3 times.

No cash? No problem - I just don't buy.

Call me cheap, and tight. But I hold my head high :)

- Kc

[kdown]

Our debit card is used like a check and the funds come from our bank account.

[TheMan]

I like checks better, your never outta money as long as you got the checks.. At least that's what my uncle Johnny says...

[acoolmom777]

lol...to funny "man"...

[Guest]

Beware of debit cards,I recently was scammed by someone in France who had my card number and was electronically withdrawing funds twice a day from my account this went on for 1 week until I noticed it.Luckily it was for 30-80 per day and I didnt overdraft,I was the third persom it happened to from bank in aberdeen one lady had her acct wiped out..Iam back to writing checks or using cash...

[mark]

Beware of debit cards,I recently was scammed by someone in France who had my card number and was electronically withdrawing funds twice a day from my account this went on for 1 week until I noticed it.Luckily it was for 30-80 per day and I didnt overdraft,I was the third persom it happened to from bank in aberdeen one lady had her acct wiped out..Iam back to writing checks or using cash...

How did they get your acct. ??

.....if you have a Visa or Mastercard debit card, you can get in touch with the Fraud victim division. They are suppose to treat debit cards just like credit cards.

The problem with Walmart card I see is............most customers will think they have to use it in a Walmart store, thus more business.

Clever indeed..........see ya mark

[Guest]

The credit union investigated and refunded the money since the debit card was insured with the visa logo. It is unsure how the number was obtained,could have happened any where the mall ,any stores, or on the internet, I do use paypal when I can. The same week a family member in Fla. was scammed 600.00
because someone at a fast food restaurant scanned his number and used at a food store. There is alot of this that goes on and I searched on internet about these scams pretty interesting...

[bettymc]

I have one credit card for an emergency...that is all I want.
A card for this or a card for that,will get you in finance problems, if you cannot pay off the balance each month. The interest is very high as everyone already knows.
Yes. I like paying by check....if I can afford it....if not , I just do not buy.
Guess I am cheap too.lol