When did we begin this system of paying employees with debit cards. My son is on his second job from which he receives his pay in the form of a debit card. Its an horrendous practice that should be outlawed. Low wage workers are being killed by bank fees because of these cards. Employers claim that they are saving thousands of dollars, millions if you look at larger corporations such as McDonalds or Wal-Mart. They claim that using these cards is less expensive than issuing standard paychecks. Of course it is. The banks are paying companies to use their cards. They pay $1.00 for each card issued. Its worth it to them to do so because the minimum ATM charge if you do not have an account with that bank is $1.75. Add up multiple transactions each month, and this has become a cash cow for the banks. They are forcing workers to rack up ATM fees. Some employees claim that they are paying almost $50/month in ATM fees. They are also less convenient for the employees. The practice is completely unfair. Id be willing to put good money on the fact that the executives of these companies are not receiving their pay in the form of a debit card. Should we care if the companies are saving money by using this practice? Of course not. There is a cost of doing business. This is simply another means of upping your bottom line at your employees expense.
Posted on: Fri, 18 Oct 2013 12:11:22 +0000
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