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Bank fees charged to families in state debit program

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posted on Jun, 15 2009 @ 11:35 AM
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Bank fees charged to families in state debit program


www.thestate.com

The S.C. Department of Social Services has approved a debit card program that lets one of the nation’s largest banks take money directly from benefits issued to some of the state’s neediest families.

The agency hired JP Morgan Chase this spring to administer the program, which deposits money each month to a debit card issued to low-income residents with dependent children.

In return, JP Morgan Chase can charge those people fees when they use the card to access money and check their account b
(visit the link for the full news article)




posted on Jun, 15 2009 @ 11:35 AM
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The use of the cards save SC about $200,000 in stamps, etc...


Beneficiaries are not allowed to receive their money any other way.


Another bank bailout. Taxpayer funds are deposited into the account and then the bank charges the people fees for using the mandatory account. It may seem like nickles and dimes but nickles and dimes add up when you don't get but around $160 per month.

$0.50 every time the person checks their balance at an ATM
$1.25 every withdrawal from an ATM
$.075 every time there's not enough in the acct. to complete a sale
One free withdrawal per month from a Visa-network bank. Subsequent bank withdrawals cost $5 apiece.


South Carolina joins 29 other states that allow banks to administer debit card programs for social service and unemployment payments, according to the U.S. Department of Labor.

JP Morgan Chase has contracts with seven of those states and pending deals with two others.


www.thestate.com
(visit the link for the full news article)



posted on Jun, 15 2009 @ 11:43 AM
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Interestingly, there are those who still feel the banks do not own and run this country.

They are now 'first in line' to exploit the survival efforts of the poor and underclass citizens.

When will ONE of our Presidents actually DO SOMETHING to stop the bloodletting these banks are getting away with every day..., instead of making the average and lower class citizens more and more vulnerable to this kind of practice?



posted on Jun, 16 2009 @ 12:53 AM
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same here in nj,,,, they issue debit type cards ,,,, and to retrieve your cash you must use an atm,,,, for which many are charged a fee,,, hard to find ones that don't charge a fee

[edit on 16-6-2009 by shortywarn]



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