primitives upset about Wal-Mart, again

[franksolich]

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x6463966

Oh my.

Predictably, it's a large bonfire.

Wednesdays  (1000+ posts)        Fri Sep-04-09 01:40 PM
Original message
 
Yet another way to screw workers: Wal-Mart introduces "payroll cards"

So, Wally World is going to pay employees by adding funds to their debit cards, rather than issue checks. Read this article about this huge payroll rip-off:

-----
(snip)

Payroll cards encourage spending and discourage saving. While paychecks deposited to a bank account begin earning interest for their owner from Day 1, funds loaded onto a payroll card do not. To the contrary, cardholders often pay a monthly fee for holding the cards. And many charge for ATM withdrawals, too.

So, far from being rewarded for saving money, payroll cards encourage workers to spend their cash as fast as possible -- before the monthly fees eat it all up. I suppose a company whose business depends on getting people to spend rather than save sees nothing wrong with that concept, but I don't like the idea. I think it's a retirement killer.

As the nation's largest private employer, Wal-Mart widens a trail that many others are sure to follow. And if they do, Wal-Mart's latest idea will lead us all down a path to penury.

more...

http://www.fool.com/investing/value/2009/09/04/so-hows-...

wtbymark (1000+ posts)        Fri Sep-04-09 01:43 PM
Response to Original message
 
1. "I owe my check to the company store"

Deep13  (1000+ posts)      Fri Sep-04-09 01:43 PM
Response to Original message
 
2. Now if there was only some way to make them spend it at the company store...

Well, I'm sure they'll think of something.

Wednesdays  (1000+ posts)        Fri Sep-04-09 01:45 PM
Response to Reply #2
 
7. Easy...just issue their paychecks on Wal-Mart gift cards.

Ilsa  (1000+ posts)      Fri Sep-04-09 01:44 PM
Original message
 
I wish those stores would spontaneously combust while the stores were closed of course.

One suspects the above primitive spends major bucks at Wal-Mart.

lilymidnite (324 posts)      Fri Sep-04-09 01:44 PM
Response to Original message
 
4. K-Mart used to pay in cash

And you picked up your envelope at the *back* of the store.

liberalhistorian (1000+ posts)        Fri Sep-04-09 02:33 PM
Response to Reply #4

28. I remember that very well, since I worked for 

K-Mart one summer in the mid-80's, during college. It was the only time I was ever paid in cash like that. Didn't really bother me then, since I had very few bills at that time and I just went and deposited it right away so I wouldn't be tempted to spend it. Not that I got too much in the first place, since the minimum wage at that time was only $3.35.

truedelphi  (1000+ posts)        Fri Sep-04-09 03:44 PM
Response to Reply #8
 
36. A SAD STORY - The Powers that Be that offer these things to us

Keep saying that these things are the same as cash transactions. They are not!

Case in point: After one of the worst economic years of my life, M. and I realized we had 75 bucks on our debit card with which to have Thanksgiving. Since we weren't able due to illness to celebrate the holidays the year before, we were jubilant. Turkey with the trimmings, ice cream and pumpkin pie. And enough, surely, to have a friend come to dinner.

Then we stopped and bought twelve dollars worth of gas with the debit card. This triggered, without any warning, a fifty dollar "HOLD" on our funds. So we now had $ 75 minus twelve, minus fifty on our debit card.

My solution NOW is to cash all checks at the local Paycheck cashing service. And keep the cash in my sock drawer. I know how much money I have, and as yet the government hasn't figured out a way to let any of the Powers that Be put a hold on cash. At the check cashing place I pay three per cent, but I don't have to worry that I have some invisible entity "HOLDING" on to more of my money.

Also imagine if I had written several small checks before stopping for gas. The HOLD would have made my account a negative account, and the twelve spent at the gas station might have then ended up incurring several $ 23 insufficient check fees!

gmoney  (1000+ posts)        Fri Sep-04-09 02:00 PM
Response to Reply #14
 
20. I'd guess it's mainly an option for those who don't have checking accounts for direct deposit

Rather than WM printing loads of paper checks that employees have to take to some usurious check cashing joint, where they'll pay a steep percentage of the face value just to cash the check, this would be more convenient for both parties.

I'm guessing if these cards do have some sort of fees, they're lower than check cashing joints or "payday lenders" charge, plus funds would be available immediately.

I kind of think it's a non-issue, unless WM is doing away with the direct deposit option entirely, or they get to the point of paying in company scrip.

Also, I think the low wages at WM would be what "disincentivizes" savings among these employees, not the manner in which they get paid.

But yeah, if it's just a matter of swiping the card, I'm sure that encourages impulse spending and not being able to keep track of how much is in the account. Also wonder how many landlords accept debit cards?

The Straight Story  (1000+ posts)        Fri Sep-04-09 01:49 PM
Response to Original message
 
15. I get my unemployment this way

A whole lot of Fat Ches in the punch-bowl plop up to the surface:

ProgressiveProfessor (1000+ posts)        Fri Sep-04-09 02:05 PM
Response to Original message

24. The OP is somewhat disengenuous 

WalMart is going to EFT. Direct deposit to a bank account or a debit card. Employee has the choice. Looking for a serious issue here.

Toasterlad  (1000+ posts)        Fri Sep-04-09 02:29 PM
Response to Reply #24
 
27. Agreed. The Employee Has the Option to Set Up a Bank Account and Get Direct Deposit. 

I fail to see how this policy makes Wal-Mart bad.

Note I said THIS policy.

no limit (1000+ posts)      Fri Sep-04-09 03:28 PM
Response to Original message
 
33. Nothing really wrong with this

they can still get direct deposit and they can write themselves checks from these cards at no fee. They can also get cash from walmart registers whenever they wish.

If I had to bet money I would guess most lower wage employees of walmart will like this transition.

reflection  (1000+ posts)      Fri Sep-04-09 03:33 PM
Response to Original message
 
35. They offer direct deposit also and they're not using as much paper, which is a good thing. I'm no Wal-Mart sycophant, but what's the big deal here?

madmom  (1000+ posts)        Fri Sep-04-09 03:56 PM
Response to Original message
 
40. Meijer's did/does this. I worked there over 5 years ago and they did it then.

Keep trying walmart haters.

Don't worry; they will.

It starts November 27 this year.

[Odin's Hand]

Weren't they praising Wal-Mart just a week ago for pulling its "Glenn Beck Show" ads?

[diesel driver]

gmoney  (1000+ posts)        Fri Sep-04-09 02:00 PM
Response to Reply #14
 
20. I'd guess it's mainly an option for those who don't have checking accounts for direct deposit

Rather than WM printing loads of paper checks that employees have to take to some usurious check cashing joint, where they'll pay a steep percentage of the face value just to cash the check, this would be more convenient for both parties.

I'm guessing if these cards do have some sort of fees, they're lower than check cashing joints or "payday lenders" charge, plus funds would be available immediately.

I kind of think it's a non-issue, unless WM is doing away with the direct deposit option entirely, or they get to the point of paying in company scrip.

Also, I think the low wages at WM would be what "disincentivizes" savings among these employees, not the manner in which they get paid.

But yeah, if it's just a matter of swiping the card, I'm sure that encourages impulse spending and not being able to keep track of how much is in the account. Also wonder how many landlords accept debit cards?

Boy, is this DUmbass WAY off (nothing new here).

Walmart cashes ANY associate's payroll check, for free....

IF you have a checking account with Woodforest Bank, usually located inside Walmart stores, Walmart will direct deposit your check, AND, you get paid on Wednesday rather than wait until Thursday to pick up your paper check.

This is a useless, meaningless, typical, DUmbass bondfire.  Lots of noise and bluster, no heat....

[The Village Idiot]

My SIL recently cashed a $4000+ check at Wally World for around $5, if that. WoodForest, I luv ya

I might need them to cash me a check pretty soon.

[AllosaursRus]

Oh for craps sake! This policy is for employees that already have a checking account with a Fed insured BANK! If you don't have a checking account, you can still get a regular piece of paper. The whole idea is what the Libs have been screaming for, it is meant to save TREES! It's their idea of going GREEN! Oh Lord save me from this stupidity!

My daughter works in a pharmacy at Wally World. She says this is to take some heat off because of the moonbats!

Geez, these asshats can't even see the forest for the trees when Wally World is trying to appease them!

****in' idiots!

edited in order to add cuss words

[diesel driver]

Geez, these asshats can't even see the forest for the trees when Wally World is trying to appease them!

******' idiots!

edited in order to add cuss words

They can't see the forest for the trees, but they don't care.  They like trees....

Probably because they have similar IQ's, but I'd bet the trees are smarter....

[Chris_]

I work for Wal Mart and you would not ****ing believe how many adults refuse to have a bank account. I've had direct deposit from day one, and couldn't imagine not having it.