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Post by laurac on Sept 11, 2012 10:31:12 GMT -6
My DD will be getting paid via a Paycard and I'm wondering if anyone knows anything about them? Can she take cash out and open a checking account? Is it better for her to keep it as a paycard and take some cash out on payday and then just use the card after that? Are there fees involved?
Thanks!
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Post by onlyoneboy on Sept 11, 2012 10:33:19 GMT -6
I'm sorry LC, I've never heard of that.
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Post by doeeyedgirl on Sept 11, 2012 10:38:26 GMT -6
I think it depends on the company that the paycard is through. There are multiple payroll services that are offering these PayCards. When they issue her the card, there should be multiple documents that come with it as far as fee disclosures, policies, etc. I have heard good and bad about these things. With DD being under 18, I think the best thing for her would be to open a checking account, if you feel she is responsible enough. I know with our minor accounts, no service charges can be charged until she turns 18.
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Post by laurac on Sept 11, 2012 10:51:33 GMT -6
That's great to know, Cyndy! My boys get "fee'd" to death!
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Post by doeeyedgirl on Sept 11, 2012 11:02:01 GMT -6
Oh no! Really? It shouldn't be that way! Maybe they need to evaluate their bank and the account that they are placed in.
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Post by laurac on Sept 11, 2012 11:06:47 GMT -6
John has been fighting to just get a student account so his fees arent so high. I mean really, these kids are college students and they dont have any money to begin with so dont get them with fees!
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Post by doeeyedgirl on Sept 11, 2012 11:18:21 GMT -6
Sounds like a community bank or Credit Union is in need. The bigger banks are a pain! I totally agree with you, LC.
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Post by laurac on Sept 11, 2012 11:42:27 GMT -6
Can just anyone join a credit union? John should be able to join the teachers credit union, right?
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Post by mommylinz on Sept 11, 2012 11:46:21 GMT -6
The one my company offers allow you a number of free AMT withdrawals. I don't have one, but my thought is you could withdraw the amount and then deposit it to a checking account. The other thing to look into is if you set up a checking account, my company will let you direct deposit instead of getting the pay card. That may eliminate a trip to the ATM and Bank.
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katie
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Posts: 263
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Post by katie on Sept 11, 2012 11:48:32 GMT -6
I get paid for Visalus with a pay card. I can take out cash on it or use it as a credit card. If I use it like a credit card I don't have any fees. If I take cash out there is a small fee. I had the option of getting a check in the mail or having the money put on a card. Since they sometimes pay early I opted for the card. That way my money is deposited that day and I don't have to wait for a check to come in the mail. I think the fees and how she can use the card will depend on the company.
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Post by doeeyedgirl on Sept 11, 2012 12:10:04 GMT -6
LC, anyone can join most credit unions. They usually take a $5 deposit and it is held in your 'share account' until you close the account. But, yes, John should be able to join a teacher's credit union. Have him ask where he is interning.
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Post by laurac on Sept 11, 2012 12:15:42 GMT -6
Thank you, Cyndy! It pays to know people!
And thank you, Katie! I just don't want my girl to be hit with fees for using her own money! She can get a checking account, she just hasn't had enough to do so yet.
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Post by bunsy on Sept 11, 2012 16:00:57 GMT -6
YES to the credit union or a student account through a bank. DS2 uses a credit union, DD has a student account. No fees. We changed banks due to fees in the BIG banks.
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