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For those of you who are thinking of direct depositing your tax refund to a walmart money card DON'T!!! (self.Frugal)

submitted ago* by Silverback

My refund was scheduled to deposit today. My wife and I file jointly, the card is in her name, we're both on the taxes of course, and when we set it up they assured us that would be fine. So when it hasn't hit at noon today we called them. They claim that there was a SSN mismatch, we pulled up the tax forms, confirmed that it was correct in both places, and called back. We were juggled between 4 operators and sat on hold for (srsly) 2 FUCKING HOURS. If you need your money fast, go another route, the system is flawed and customer support is fucking terrible.

EDIT: Most of you seem to not know what a walmart money card is, it is NOT a gift card lol. It is a reloadable visa that you can direct deposit too, it costs $3 a month unless you have $500 or more in direct deposit. It is ran GE bank. I E-filed at home, had it direct deposited, and they kinda fucked it up.

Edit Edit: I have been bad with money most of my life, some of you like to point this out in a cruel manner. I am aware of my shortcomings, and am working on them, one of the main reasons I am in /r/frugal. i amm starting to second-guess being in this reddit.

3rd edit: I am done with this post, and this reddit. I have had my intelligence insulted constantly( and my parenting skills once). I was just trying to keep someone from making the mistake I did, those of you who were not condescending asshats, thank you. The ones who were, what is this reddit to you? I thought it was for learning and sharing tips/tricks. Not doing this anymore, I'm sick and it's hurting my feelings. Do you think all poor people are stupid? I get that vibe.

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[–]TheManOfLogic 441 points442 points ago

Why would anyone do such a thing in the first place? DD that refund into a bank account. Don't have a bank account? Get your shit together while you wait for your refund to come by check.

Involving a 3rd party corporation into your finances is the dumbest thing I have ever heard of and is asking for hassle and trouble if something goes wrong. To resolve the situation, you have to deal with low paid idiots who don't give a shit about your problem. OP proves this. On top of this, the card is ridden with fees for monthly usage, deposits, and who knows what else. These cards take advantage of people who have poor fiscal responsibility.

[–]sleepydaimyo 26 points27 points ago

I came here to say this. I was shocked that this is a thing that people do.

[–]Afro_Samurai 104 points105 points ago

*Credit Union account

[–]ramp_tram 13 points14 points ago

If there was a r/frugalcirclejerk subreddit it would just be submissions titled "CREDIT UNION" and every post would be "CREDIT UNION, CREDIT UNION. CREDIT UNION."

[–]jrblast 3 points4 points ago

There is such a subreddit..

Okay, I'm exaggerating a bit, but a lot of subreddits are becoming their own circlejerks, though frugal is one of the better ones I've seen.

[–][deleted] 1 point2 points ago

Hi, relatively new here. Why is a credit union better than a bank?

[–]raze78 9 points10 points ago

\i think because they're non-profit, which allows them to reinvest in good customer service and less of those pesky tricks that private banks do to get more of your money.

[–]negative_epsilon 2 points3 points ago

That's only really true for local credit unions. If you're someone that's going to be relocating in the new future (e.g. students, recent graduates) then I feel that going to a credit union wouldn't actually allow you to see the benefits one may see. I may be feeding the corporate giant, but I have a very nice rewards credit card and a decent size checking account, as well as a savings account through Bank of America and I haven't been treated as badly as the average person seems to have.

In fact, they were the only credit institution that took a second to talk to me about my credit report (On which I have a $5000 defaulted credit card that my mom decided to give up on when I was 18, and I had it in my name despite never using it as an emergency) before immediately rejecting me.

[–]jaysharp_m7 3 points4 points ago

but... epsilon is > 0... you can't do that...

[–]negative_epsilon 0 points1 point ago

It's the world's shortest math joke. "Let epsilon < 0..."

[–]jaysharp_m7 1 point2 points ago

I thought it was funny. Also because I've heard people say hopefully, "well, if epsilon was less than zero..." when struggling with real analysis proofs

[–]olyfrijole 1 point2 points ago

A bazillion upvotes for you for pointing out the better option. That you, or anyone else, has to point it out is just evidence of how numb we've become to the dominance of the corporate slave culture.

[–]ohmygodbees 12 points13 points ago

Excuse me, but my better option is, in fact, a bank. USAA FTW!

[–]tirceol 2 points3 points ago

Schwab FTW!

[–]GeneralDisorder 0 points1 point ago

I'm genuinely curious what's better about credit unions than banks. I hear this all the time and really, the only time my bank jerks me around is when I get an overdraft (like Monday this week when we kind of spaced on two checks and had no funds to straighten shit out... (we've since straightened our shit out)). Each time we overdraft, it costs us $35.00.

But we have free checking (wouldn't stay with a bank that didn't) debit transactions don't get extra charges anymore (used to but we use our debit cards as credit anyway whenever possible) and our interest rate is pretty much nothing like most banks do for a checking account. Not that I have any funds in there with which to collect interest, but you know...

[–]olyfrijole 0 points1 point ago

Unlike banks, credit unions are not for profit institutions. As such, they typically have better terms for checking and savings accounts and for loans for things like cars, home equity, etc. Another advantage is that they're locally run, so any money they do make off you is going to be reinvested in your community via your neighbors or not for profit civic projects.

They're not for everybody, but if you can find a good one the transition is probably worth it. For instance, several local credit unions where I live pay interest on both checking and savings and have programs wherein they refund up to a dozen ATM fees a month.

All that's great but even better is the satisfaction in knowing my money's not going to some fatass from New York who's trying to simultaneously manipulate legislation at all levels while foreclosing on half my neighborhood. But, you know, to each his own...

[–]olyfrijole 0 points1 point ago

Credit unions are non-profit and typically local, so they tend to do a better job of letting you keep and grow your money in your own community. That said, there are some local banks that do a decent job as well.

[–]I-should-be-studying 2 points3 points ago

Hyperbole, much?

load more comments (2 replies)

    [–]whizzie 5 points6 points ago

    Exactly. Why cant you get the money into your own account and then use it (in Walmart if you must) ? Or does the direct deposit mean Walmart boosts it by another 10-20% (which is when I would even begin considering this).

    [–]TheEllimist 13 points14 points ago

    Or does the direct deposit mean Walmart boosts it by another 10-20% (which is when I would even begin considering this).

    Lol no. It means it's on a card that charges $3 a month plus another $3 fee when you load it by any means other than direct deposit. This is on top of the $3 fee to buy the card in the first place. Why anyone would think it's a frugal option is beyond me. It is a "bank" account where you're paying up the nose for them to hold your money.

    [–]enfermerista 2 points3 points ago

    Wow.

    [–]Kitty_party 0 points1 point ago

    Some people use cards like this because they can't get an account at a regular bank. It's definitely not frugal but if they need a card for some reason (online purchase, paying a bill etc) they might not have a lot of options.

    [–]GeneralDisorder 0 points1 point ago

    I used one to sign up for stuff that was suspicious enough I didn't want to give my real card and my hunch was correct so I spent the $25 I loaded the card with then reported the fraudster, got that $25 back and spent it on other stuff so the scammers couldn't get at it again. Although, I cannot remember what it was we purchased. Probably something stupid.

    [–]whizzie 0 points1 point ago

    Seriously? they CHARGE to use it and people still prefer it as an option ? Jeez I really need to learn how to do business.

    [–][deleted] ago

    [deleted]

    [–]junkeee999 0 points1 point ago

    I don't think the savings bond tip will help OP. He was looking for how to get money ASAP even if it meant using a crappy Walmart card.

    [–]gwildor 19 points20 points ago

    isnt the bank a third party ?

    [–]daemon14 98 points99 points ago

    True, but a bank's primary usage is to store your money. Walmart's primary usage is to take your money. That's a bank's secondary usage.

    [–][deleted] 27 points28 points ago

    Unless it's Bank of America... Or Citibank... Or Wachovia... Or Chase... Or, well, you get the idea.

    [–]destroytheheart 9 points10 points ago

    No such thing as Wachovia anymore, I'm afraid.

    [–]Eriden 6 points7 points ago

    Were they not that good at the taking money part?

    [–]therealPlato 7 points8 points ago

    "Wells Fargo acquired Wachovia after a government-forced sale to avoid a failure of Wachovia." via wiki

    [–]commandar 2 points3 points ago

    Wachovia itself was fairly sound. The problem they ran into is that they had acquired Golden West in 2006, and with it, a ton of existing ARM liability. When the housing market failed, those liabilities took Wachovia down with it.

    [–]Eriden 1 point2 points ago

    The problem they ran into is that they had acquired Golden West in 2006

    Yeah I can see that being a problem. Picking up a company with a lot of mortgages on it's books near the height of the housing bubble, in retrospect, is pretty suicidal.

    [–][deleted] 3 points4 points ago

    Wells Fargo, then.

    [–]sandmann 0 points1 point ago

    I always pronounced it "Watch ova ya". I thought I was clever.

    [–]Exogenic 1 point2 points ago

    No, more like "walk ova ya" :)

    [–]NoWeCant 1 point2 points ago

    That's funny, I've never had to pay a fee on my Wachovia (and now Wells Fargo) account. Am I doing something wrong?

    [–]Nerobus 5 points6 points ago

    If you have money to start with, their fees are easy to avoid.. but if you are poor, the fees stack up fast :( I kinda got slammed by Wells Fargo pretty good a few times because I'm working my way through grad school, and when the money gets low accidents happen.

    [–]ohmygodbees 2 points3 points ago

    Getting downvoted? But he is kinda right! I paid 12 bucks a month at Chase until i switched to USAA. They dont care if I only have a few hundred bucks in there.

    [–]manojar 7 points8 points ago

    don't talk logic to the man of logic ;-)

    [–]Silverback[S] 3 points4 points ago

    It looked really good on paper, $3 to cash my check and get it 3 weeks early? I didn't plan on keeping the card after withdrawing/spending my refund.

    [–]Devaney1984 36 points37 points ago

    3 weeks early as compared to what other method? i got my refund in 5 days directly deposited into my checking account, zero fees.

    [–]Silverback[S] 0 points1 point ago

    Waiting on a check in the mail.

    [–]woundedgod 14 points15 points ago

    Filed the 28th, getting my direct deposit the 6th.

    [–]Silverback[S] 2 points3 points ago

    The point of the story is that my direct deposit was rejected, and they wouldn't or couldn't tell me why, software error is my guess.

    [–]svlad 23 points24 points ago

    Getting money on a Walmart card is not anywhere near the same thing as getting a direct deposit to a bank account.

    [–]DigitalEvil 12 points13 points ago

    Lesson learned: Be more responsible with your money.

    Never use: Cash advances from credit cards, cash advances from corporations, cash advances to the prostitute on the corner of the street.

    All pretty much the same. You get screwed over in every situation.

    Can you explain WHY you needed the money so quickly? Tax refunds aren't free money. It is money you have earned that you technically have not yet received. That shit should be going into your savings account. Not rushed through so you can make bills for the month or go spend it on something stupid.

    [–]Silverback[S] -1 points0 points ago

    The business I was working for went belly up, I am currently receiving unemployment, but it isn't enough to make my rent. I have the oppurtunity to open a small restaurant, need to purchase some equipment and pay my rent. I killed any savings I had and screwed up my credit worse last year, I was unemployed for almost 8 months.

    [–]Close 24 points25 points ago

    How can you even consider setting up a restaurant when you can't make rent?

    [–]Silverback[S] 4 points5 points ago

    Other than a few pieces of equipment, there is no startup, I don't have a job ATM. The owner of the convenience store I would be opening in would give me my share of the sales daily. So for approx 600 dollars, I get the best job I've ever had.

    [–]lotyrin2 11 points12 points ago

    Sorry to say, but if you can't afford not to have this money right away, you can't afford to invest in a restaurant.

    [–]DigitalEvil 8 points9 points ago

    Valid reason. But did it really have to not wait a couple days for direct deposit? Any time that your money has to go through another entity other than directly to you, you should immediately react with extreme caution and begin questioning everything about it.

    Sorry, playing devil's advocate.

    [–]filthysavage 0 points1 point ago

    I have done this before. Your logic was sound. Sometimes you need to bypass depositing your check in the bank for whatever reason. I understand. I don't think people here realize that sometimes if you're getting a big chunk of money back you need to keep it as anonymous as possible. I am actually going to take your advice and not use that service. Thank you.

    [–]HorrendousRex 12 points13 points ago

    They charged you for this service? I'm actually not sure they are even legally allowed to do that with your tax refund.

    I go through turbotax and get it deposited electronically to my bank account in a few days - didn't cost a cent (well, outside of that turbotax charges for filing a state return using the federal return data).

    [–]SafetyComesFirst 1 point2 points ago

    They charge $3 for cashing a check.

    [–]Silverback[S] 1 point2 points ago

    The charge is the startup fee for the reloadable visa.

    [–]micultra8 8 points9 points ago

    If you e-file, you get your fed refund in 3-7 days and your state in 5-10.

    This whole post is just boggling my mind right now.

    [–]ramp_tram 1 point2 points ago

    I e-filed on the 27th and got my federal refund deposited yesterday. Directly into my checking account.

    Where did you go to file your taxes? I just used turbo tax.

    [–][deleted] 3 points4 points ago

    Walmart's deals are never worth it. They cut too many corners. Low paid employees is never a good sign. Not to mention it's not safe to even shop there. Over the past few years a lot of women have been kidnapped, killed, and/or raped from their parking lots.

    http://www.jrrobertssecurity.com/articles/wal-mart-parking-lot-crime.htm

    TDLR: It's reputation for low low prices attracts low class vagrants and criminals along with people looking for deals. With Walmart cutting corners on security, bad things are bound to happen in the parking lots.

    There are more stories from the major outlets.

    [–]JarateIsAPissJar 2 points3 points ago

    And now you are paying for it.

    [–]Silverback[S] 16 points17 points ago

    I am aware, I was trying to keep other people from making the same mistake.

    load more comments (2 replies)

      [–]SissySuperstar -1 points0 points ago

      There are no monthly fees on this card lol. If you do direct deposit it costs you nothing. If you deposit via a check or cash at the store it's $3 per transaction. You NEVER have any type of overdraft fees, no fees for online banking AND they give you cash back when you buy gas with it. You don't get charged any weird fees as a matter of fact. Like I said before I started using Walmart Money Card 3 years ago by taking the money we wanted to spend freely without having it affect our bill money out of BoA and putting on this, after a couple of months we closed down BoA account completely because this was much better. Those banks are the ones that get rich off of our fees. Don't bash something you know absolutely nothing about.

      [–]c0nv1ct 12 points13 points ago

      Sounds like my Schwab checking account, except I don't pay any fee to deposit checks or cash, and it accrues interest.

      [–]movzx 1 point2 points ago

      Benefits I get from my bank:

      • No monthly cost if direct deposit is set up

      • No fees at all if you opt-out of the "we'll cover the overcharge"

      • No fees for cashing any check, money order, whatever

      • No fees for online banking, automated bill pay, or anything except wire transfers.

      • 1-5% cashback on every purchase, not just gas

      • I collect interest on money I'm not using

      • My money is FDIC insured

      • My money has fraud protection

      • I get additional benefits such as extended warranties on products purchased.

      But yeah, it totally sounds like a better option to take money out of my bank account, slap it on a WalMart Visa pre-pay, and pay $3 to cash checks.

      [–]SissySuperstar -1 points0 points ago

      But most bank accounts are not like that. Banks do not usually give you anything for free. You don't get interest on your checking typically unless you maintain a certain balance, as a matter of fact if you don't KEEP a certain monthly balance you get charged a fee. I paid for every money order or cashier's check I ever got from BoA. I also don't pay for online banking, don't pay any monthly fees, my money has fraud protection also, and I don't pay $3 to cash checks because I use direct deposit. I never said Walmart Money Card was the best in town, I just said they were not as horrible as the OP had stated.

      [–]movzx 0 points1 point ago

      I had a shitty bank with an account on shitty terms, therefor all banks are shitty and have shitty terms.

      [–]TheManOfLogic 0 points1 point ago

      Close down your FDIC insured bank account and put your money on a Walmart (Greed Dot) card. Jesus, no wonder the middle class is dying. It is handing over money to the 1% willingly.

      http://www.nerdwallet.com/blog/2011/walmart-moneycard-western-union-moneywise-prepaid-debit-card-showdown/

      A handful of prepaid card distributors are currently under investigation for possible deceptive practices, Green Dot included.

      https://www.walmartmoneycard.com/walmart/account/cardholder-agreement#fees 3. Fees. We will charge the following fees in connection with your Card, subject to applicable law. We can also change the fees as described in Section 20 below. You agree that we may deduct any fees from your Card balance and you will pay any fees if we do not obtain from your Card balance.

      Issuance Fee for Temporary Card purchased at a Walmart store $3.00 Monthly Service Fee (first fee 10 days after Card set up) $3.00* Reload Fee at Walmart Store $3.00 Reload Fee at Walmart Store with check cashing transaction (Check Cashing not available in all states, Walmart Check Cashing fees will apply) $0.00 Reload Fee at Participating Green Dot Location Varies by Retailer Reload Fee for Direct Deposit $0.00 ATM Withdrawal $2.00** ATM Balance Inquiry $1.00** Teller Cash Withdrawal $2.00 Rush Delivery Fee for Personalized Card $20.00 Additional Personalized Card Fee $3.00 Additional Personalized Card Fee for Walmart MoneyCard Family Edition $0.00 Lost/Stolen Replacement Card Fee $3.00 Foreign Transaction Fee 2% (See Section 18) * If you load or reload at least $1,000 to your Walmart MoneyCard during a calendar month (not including the automatic transfer of funds from your Temporary Card to your Personalized Card), we will waive the Monthly Service Fee for your Walmart MoneyCard the next calendar month. ** You may also be charged a fee by the ATM operator or ATM network (and you may be charged a fee for a balance inquiry even if you do not complete a fund transfer). We will assess a Monthly Service Fee for the life of the Card, including if there is no money on your Card. If you have no money on your Card, your Card balance will be taken negative when we assess the Monthly Service Fee. As a courtesy, we will not charge your Card more than two Monthly Service Fees if you have no money on your Card. While you have a negative balance on your Card, your Card is still open and available for use.

      So they'll waive your $3 fee if you give them $1k a month. How generous.

      Don't trust those banks, trust Walmart, Inc. (and Green Dot)! ROFL.

      Sad really.

      [–]NoWeCant 1 point2 points ago

      Even more importantly, if you have much of a refund in the first place, then you are doing it wrong.. It's better to owe a tiny bit at the end of the year than it is to get a giant refund.

      [–]movzx 1 point2 points ago

      I'd argue that, if you're not bad with your cash, it's better to owe a lot at the end of the year. Let the extra sit in your bank account, accruing interest. You can invest it if you want. You have it for emergencies if you need it. Just make sure you have it when tax time comes.

      [–]NoWeCant 2 points3 points ago

      Well there are some negative implications if you end up owing too much at the end of the year. The IRS still expects you to pay taxes throughout the year, and if you owe too much at the end then they will likely audit you to find out what is going on.

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          [–]OmicronNine 164 points165 points ago

          WTF is a Walmart money card?

          And why the hell would anyone involve Walmart, of all places, in their finances?

          I find this all very strange...

          [–]Galaxyman0917 24 points25 points ago

          Well, I'm kind of forced to include them into my finances, seeing as theyre my source of income.

          [–]myotheralt 46 points47 points ago

          Do they pay you in Wal-mart gift cards and your bonus is a 10-15% coupon?

          [–]Galaxyman0917 24 points25 points ago

          We have the option to get our pay deposited to a money card, and we get a 10% discount

          [–]myotheralt 16 points17 points ago

          Having an employee discount is almost standard for any large store. I would never chose to have my pay deposited in that manner, but then, I am unemployed...

          [–]faggatron 23 points24 points ago

          I worked at Home Depot, no employee discount. Their rationale? "Our prices are already so low!"

          [–]propool 13 points14 points ago

          scumbags

          [–]ohmygodbees 6 points7 points ago

          We have a purchasing account at home depot. they dont give us a discount either, and now theyre getting crazy about how fast they want it repaid.

          [–]kikimonster 3 points4 points ago

          Wow no perk for working there? No wonder ACE hardware people are awesome and so helpful

          [–]yourafagyourafag 0 points1 point ago

          Ugh, it's like when Papa Murphy's raised their prices, 'Our whole menu is a value menu!' ಠ_ಠ

          [–]Galaxyman0917 2 points3 points ago

          I have mine dumped into my checking account. Probably the only benefit to the card is getting paid at 930 the day before payday haha

          [–]HorrendousRex 8 points9 points ago

          That is literally the same way that slavery worked for a long period of time in the south.

          [–]TheEllimist 16 points17 points ago

          The MoneyCard is through Visa and can be used like a normal Visa debit card anywhere Visa is accepted, so no, no it's not. It has absolutely nothing to do with Walmart except that you can reload the card at their registers and they sell the cards to begin with.

          [–]LittleWhiteGirl 2 points3 points ago

          Red Robin gives their employees the option of a money card, to use like a debit card. Is it really that horrible?

          [–]subtraction 25 points26 points ago

          1. They collect any possible interest you may get,

          2. The 3rd party collects transaction fees everytime you make a purchase. If you had a rewards credit card and a bank account you could collect cashback/points as well as free float (time between transaction and bill payment). This is a significant amount over time, at least 1%, 2%+ is certainly possible. Set up automatic payments and it'll behave just like a debit card with better rewards.

          3. Many merchants do not accept credit cards, if you need cash right away your in huge trouble.

          All of this is assuming the card has no fees associated with it.

          [–]LittleWhiteGirl 6 points7 points ago

          Things to tell my roommate, I suppose. Thank you for explaining in a non-judgey way.

          [–]cptskippy 4 points5 points ago

          1. Many merchants do not accept credit cards, if you need cash right away your in huge trouble.

          Like?

          [–]subtraction 8 points9 points ago*

          Any type of small business that doesn't want to pay for credit card processing

          Specifically the service industry is generally a cash business.

          locksmiths, salons, legal services, small clinics, neighborhood mechanics, computer repair, tutors, mom and pop shops

          There are lots of exceptions I know, my point is I haven't found a retailer that has refused cash.

          also you can't use these cards toward mortgage payments and credit card bills.

          [–]ramp_tram 2 points3 points ago

          As a computer repair guy, I just got Square for my iPhone (you get a free reader that plugs into the headphone jack). They charge a flat 3%, but if your choice is "getting paid" or "not getting paid" sometimes those are the sacrifices you have to make. Oh, and you can just charge more for credit transactions with Square, since you don't have a deal with processors to not do that.

          [–]pirateninjamonkey 1 point2 points ago

          Very few places don't take credit cards I can think of one.

          [–]undefeatedsince93 7 points8 points ago

          Can't rent a hotel room or a car with just cash these days, and even with a debit card they may ask for proof of residence. I didn't have utility bills in my name and had to go to another rental agency and spend a lot more money. Had I had a credit card, I would have had no problem.

          Cash is not always king.

          [–]GeneralDisorder 0 points1 point ago

          After reading Cracked a few days ago, I blame Keith Moon for not being able to rent a Hotel room without a CC.

          As for rental car... I blame people like Johnny Knoxville for their stunt where they rented a car, demo-derbied it and returned it. Not that it's a common thing but having to replace your recently purchased $15K+ equipment would get pretty expensive after the second time in your business history.

          [–]nothinggold 0 points1 point ago

          As an employe of that company you speak of, those things are not true about the cards issued to employees. You aren't making interest like you would for a savings account if you're leaving money on there but nobody charges you fees. It's like a debit card and most employees who use them pull the money off as soon as it's payday anyway. I don't use one but go by direct deposit, but for people without bank accounts, it's an okay thing I suppose. And Walmart likes them because they cut down on the risks of issuing live cheques.

          [–]subtraction 5 points6 points ago

          All 3 are true, whether you choose to believe it or not.

          The last unnumbered excerpt is probably true [no fee assumption], although its not future proof, I'm pretty sure their TOS states they reserve the right to start charging fees in the future. Can't do this with cash.

          As for the other 3. It's glaringly obvious they are profiting.

          If you say they don't make money, then there's extra money somewhere, (interest, unused balances, float, interchange fees, lost cards) where does the extra money go if its not sitting in a savings account somewhere?

          Walmart likes loves these cards because [in addition to the earlier points] it makes no sense to save debit cards. You don't get rewarded for saving (in fact cards with inactivity and other fees punish you). It encourages spending.

          [–]leoedin 1 point2 points ago

          you don't make interest. The card issuer is sitting on your money from the moment it's paid into the account until you spend it. What do you think they do with it?

          [–]ohmygodbees 0 points1 point ago

          The green dot card at walmart has a pin number and works at ATMs. There are free green dot atm thingies at walmarts.

          [–]HorrendousRex 1 point2 points ago

          It really is that horrible of a deal, yes. But so long as an option I don't hugely mind.

          [–]Baronvonyiffington 0 points1 point ago

          7-Eleven does too, but it wasn't a 7-Eleven owned money card.

          It worked alright, but I ditched it because I was getting charged $.25 on any transaction I made and it cost $1.25 to check the balance on the ATM machine.

          Yes, it cost me over a dollar to see how much money I owned.

          [–]LittleWhiteGirl 0 points1 point ago

          That's kind of like the UPromise card I had through Visa when I was 12-13. I cost 2.50 to put money on the card.

          [–]fridgetarian 2 points3 points ago

          You mean company stores? Yeah, pretty close.

          [–]Pwag 1 point2 points ago

          I sold my soul to the company store.

          [–]yourafagyourafag 0 points1 point ago

          Slaves had Walmart money cards!? ಠ_ಠ

          [–]GeneralDisorder 0 points1 point ago

          I think HorrendousRex was thinking more of miner towns where they paid you in currency that was only worth something within the mining community or company that you currently worked for.

          If you tried to leave, it apparently took an act of Congress and an act of whatever god you believed in to get them to change anything into real money. So, basically if you worked for a Coal Mining company and they paid you with company money, you could either stay with the company forever or you could leave the company with quite literally nothing but the clothes on your back and whatever you could carry.

          [–]el_zilcha 0 points1 point ago

          You get a 10% discount on walmart merchandise you buy with the walmart card or you get paid 10% more? If it's the former, don't they give you an employee discount regardless of form of payment? What the hell, Walmart?

          [–]Galaxyman0917 1 point2 points ago

          We have a desperate card for our discounts that we get regardless haha

          [–]ohmygodbees 0 points1 point ago

          Dont forget, if you stay there 20 years you get DISCOUNTS FOR LIFE! That is your retirement benefit! (I worked there 4 years ago, i forgot how long it takes to get the permanent card)

          [–]Galaxyman0917 0 points1 point ago

          It's twenty years haha

          [–]smellsok 0 points1 point ago

          On all non-consumable items, don't forget that.

          [–]Galaxyman0917 0 points1 point ago

          Except during the holidays

          [–]robertyjordan 2 points3 points ago

          Kind of like in the Grapes of Wrath when the workers got paid in credit to the company store.

          [–]GeneralDisorder 0 points1 point ago

          Wal-Mart started doing quarterly bonuses in 2007 shortly after I started. I think they mainly did that because annual bonuses are retarded and usually not worth it. Neither were quarterly, to be honest.

          And you get a Christmas, one-use 20% discount on any single item. I used my first one for a TV and the second one for a Camcorder that I used a few times since my kid was born and once or twice when my cat chased balloons. I had a better job before I got my third (Started August 22, 2006, quit August 22, 2008 (pay raise for one day!!).

          [–]GeneralDisorder 0 points1 point ago

          BOO!! Quit that job. Go work in manufacturing, lumber, or something that sucks less than retail.

          Actually I was telling myself that for the entire two years I worked for WalMart. Granted, the first three months weren't so bad. I was a Cart Pusher and it was by far the most slack-ass job I've ever had. I later transferred to Electronics and while I worked a shit-ton of freight every day (not busy? Work freight, pull merch from back, zone everything, nap in rolling racks, etc) it was far worse because in the parking lot, I could block cars and be a smartass to people and they'd just have to wait until I move the carts out of their way. If I was a smartass in Electronics I'd get some little Napoleon-complex motherfucker pointing his finger up at me talking about how he doesn't appreciate me not liking Baseball (there's a real story behind that, btw).

          [–]Galaxyman0917 0 points1 point ago

          In this economy? No thanks.

          [–]ramp_tram 4 points5 points ago

          The best thing is that Wal*Mart is using the stupidity of people like the OP and are collecting interest on his money, charging him to give them his money, and charging him to use his money.

          This shit sounds worse than payday loans.

          load more comments (21 replies)

            [–]teriyakisoba 12 points13 points ago

            Sincere question - and I am honestly not trying to start an argument or be sarcastic; I have no experience with cards like this so I know nothing - why did you opt for direct deposit to a prepaid card instead of a bank/credit union account?

            [–]fdtc_skolar 0 points1 point ago

            Wouldn't setting up an account with a cu/bank help more with your credit score than having money put on a debit card?

            [–]Silverback[S] 0 points1 point ago

            Money on hand, 15 dollars for a reloadable card, or 100 minimum at a bank.

            [–]teriyakisoba 8 points9 points ago

            Interesting. I can see how that would make sense, depending on the situation. Are there no local banks in your area that offer checking accounts with no minimum balances, or ones that are free with conditions (direct deposit, sign for online statements, etc)?

            You may want to look into an online bank that could give you a no minimum balance account. I use Ally and they have no minimum balances, plus they give you free checks and refund ATM fees. I've heard good things about ING, USAA, and Charles Schwab in here and /r/personalfinance as well.

            Oh, and thanks for explaining!

            [–]ohples 2 points3 points ago

            $100 seems like a lot for a minimum balance. I don't know if its the just banks but I believe my credit union has a $20 minimum balance.

            [–]ramp_tram 1 point2 points ago

            My bank has a $0 minimum balance, free checking, and Mint is integrated right into the online banking page.

            This is, or was, a tiny New England bank. They've bought up surround banks in the past few years, but they're still very small and regional. I assumed everywhere had banks like this.

            [–]jared555 0 points1 point ago

            The bank I am with has a no minimum balance but if you want to avoid getting hit by a fee you either have to have direct deposit or a $1500 average balance in the account.

            [–]teriyakisoba 0 points1 point ago

            Agreed, especially for the "lowest" checking account available. The (local) bank where I work offers a free checking account with no minimum balance as long as you have either a direct deposit, online statements, or you use their bill pay monthly. Then there's two accounts above that with minimum balances, but they are interest bearing.

            Unfortunately the only credit union open to me where I live has accounts that would charge me more than my free account, and worse interest rates than Ally. Otherwise I'd be happy to move some funds there, but for now it's on the shelf.

            [–]eriwinsto 2 points3 points ago

            I use Ally and I dig it.

            [–]teriyakisoba 0 points1 point ago

            Me too. I realize people may have issues with them, but they are head and shoulders above any local bank where I live - and above the available credit unions here, too. I've been a customer of theirs for over a year now and I've had no trouble with them whatsoever.

            [–]Silverback[S] 2 points3 points ago

            Sweet will definitely check out /r/personalfinance.

            [–]TheEllimist 3 points4 points ago

            15 dollars for a reloadable card

            Huh? You paid $15 to open the card?

            [–]Silverback[S] -1 points0 points ago*

            3 for the card, IIRC takes at least *10 to load the 1st time, can't buy it empty. (actually 20)

            [–]TheEllimist 0 points1 point ago

            Ah. But it's a $20 minimum.

            [–]Numlocks 10 points11 points ago

            I dont think I ever would have thought to do that.

            [–]I_hate_pancakes 45 points46 points ago

            Seems that everyone is being a bit hard on this guy. It's great that so many people on here can have thousands in a savings account. There is an awful lot of assumption that Silverback is ignorant or financially irresponsible. Being poor does not mean either of those things. Yes, it was a mistake to get the refund on a Wal Mart money card.

            Silverback, sorry you are getting screwed with this. It sounds like you are kind of down on your luck and really needed the money quick. I hope that it is resolved quickly and you get your refund. Good luck.

            [–]Silverback[S] 13 points14 points ago

            You are a ray of sunshine, srsly. And to the defense of the grumps, I am a little irresponsible with money, really trying to work on that, my main reason for subscribing to /r/frugal.. Thank you for the kind words.

            [–]WoozleWuzzle 6 points7 points ago

            You're in the right place buddy. Keep reading and things will get better for you. We all start somewhere.

            Don't get me wrong, this post made me do a double take. But I am glad you're here! Time to get you being a frugal master.

            [–]Big_Yellow_Joint 4 points5 points ago

            Don't let it get you down. I wish you the best of luck, it's hard to get back on track of having a savings account, saving for retirement, or paying off your credit cards. We all make unwise money decisions or simply have bad times.

            [–]Silverback[S] 2 points3 points ago

            Lol as it looks now, I will be working forever, retirement isn't much of an option.

            [–]teriyakisoba 1 point2 points ago

            I apologize if my question about the card offended you at all. I'd heard of payroll cards but not the Walmart card, so I was curious about how it worked.

            But don't give up hope about retiring - there are a lot of success stories in personalfinance and a lot of people willing to help you iron things out there. Best of luck - and enjoy your refund :)

            [–]Silverback[S] 1 point2 points ago

            You've been very cordial, none taken.

            [–]neel2004 15 points16 points ago

            I don't mean to be offensive, but walmart money cards are a terrible idea. We get several customers who use then at my family's hotel, and they fail a lot. It's not uncommon to see that they failed to post payment on time, make all the money on it available, etc. They also have terrible customer service that is only available during business hours, which is a terrible idea when your money is involved.

            It sucks to turn someone out on a cold night and tell them to come back in a few hours when their card may work.

            [–]cawfee 0 points1 point ago*

            They also often fail because hotels perform safety holds on the balance on the account, which is usually around 1.5x - 2x the amount of the transaction. With debit cards, the funds reported as available are exactly the funds you have in your account, unlike credit cards which allow for leeway depending on your card / account type.

            [–]neel2004 1 point2 points ago

            Only upper tier hotels perform a safety hold -- we certainly don't. It rarely makes sense for a hotel to do it, since the practice increases the fees you have to pay your merchant processor.

            [–]MockOutrage 30 points31 points ago

            This idea sounds about on par with depositing your tax refund to the Nigerian Prince Gold Card.

            [–]PandaCar 4 points5 points ago

            wait, so are you still waiting on yours too?

            [–]jasonofcompsci 7 points8 points ago

            I got mine. It's awesome. Super Exclusive. I've yet to find someone who will take it.

            [–]ILovePotALot 5 points6 points ago

            Why would anything having to do with walmart (aka the King of All Evil) have a happy ending?

            [–]SafetyComesFirst 4 points5 points ago

            TIL people deposit tax refunds into Walmart money cards.

            ...whatever the hell those are.

            [–]Silverback[S] 1 point2 points ago

            $3 a month reloadable visa, until you actually use it kinda seems like a good alternative to brick and mortar banking.

            [–]SafetyComesFirst 2 points3 points ago

            Good luck in the future to you. There are plenty of banks / CUs that have free checking, checks, debit, etc...

            [–]qazpolthrowaway 0 points1 point ago

            I use a reloadable visa card, and I prefer it to debit. I only use what I put in it, hence prompting me not to spend much. With debit the money is always there, you can drain your account if you are weak. With reloadable card, I would load what I need, use it. forget about it. sure, I spent $3. that $3 to load is less than I would have spent if I used my debit card. It's a control thing.

            load more comments (2 replies)

              [–]jackasstacular 2 points3 points ago

              First off, who said there was an SS mismatch, Walmart or the IRS? Last year my wife and I filed like we always do, expected a direct deposit only to be informed by the IRS that her SS had already been used that year. It was someone else's typo, but it cost us a few months of waiting while it all got sorted out. Also, I seem to remember that the IRS needs the name(s) on the return and the name(s) on the direct deposit account to match perfectly; the IRS is fickle like that.

              [–]junkeee999 1 point2 points ago

              This so does not affect me, because the thought of a tax refund on a Walmart card is just a universe where I don't reside.

              Not saying it to look down on anyone, but seriously who the hell does that? And why?

              [–]insomnia_accountant 13 points14 points ago

              2 things:

              1. You shouldn't be getting a big refund (ie over $200)

              2. Always use direct deposit for refunds, no cards, advances, loans, etc.

              [–]abyssinian 18 points19 points ago

              Yeah, #1 is simply not true for low-income people.

              [–]micultra8 6 points7 points ago

              With Earned Income Credit it is. I've seen people making $18,000 a year get $3,000 refunds back.

              [–]Silverback[S] 9 points10 points ago

              It is a direct deposit reloadable visa card. Explain number 1? Why shouldn't I be getting a big refund, I have 3 kids and don't make much money.

              [–]insomnia_accountant 13 points14 points ago

              Because you're just giving uncle sam an interest free loan on every paycheck.

              [–]Silverback[S] 16 points17 points ago

              No, I don't make enough money to pay federal tax, just EIC and child tax credits.

              [–]insomnia_accountant -3 points-2 points ago

              okay. Though, next time just use your debit card. Also, look around for credit unions.

              [–]Silverback[S] 2 points3 points ago

              Don't currently have a bank account, local credit union shot me down because of low credit score.

              [–]gypsibard 4 points5 points ago

              They shot you down for a checking/savings account because of your credit score?

              [–]jerephil 3 points4 points ago

              This is not uncommon. BECU in the Seattle area pulls your credit when you apply for an account.

              [–]gypsibard 0 points1 point ago

              Huh. I'm a bit new to credit unions (only been with one since September), but that seems kind of odd to me. I mean, I believe that it's not uncommon, although it's still kind of baffling. Do you know why they do this? I understand why you would deny a credit card for a low credit score, but not a bank account.

              [–]BobHHowell 4 points5 points ago

              Low credit scores are correlated to bad check writing

              [–]jerephil 1 point2 points ago

              I would imagine that it is because it's very easy to overdraft your checking account with a debit card - at the gas pump for example, where it only authorizes $1 - and they want to make sure you can pay the money back if you do.

              [–]Big_Yellow_Joint 3 points4 points ago

              I've never heard of credit score stopping anyone from having a bank account. The only thing I can think of would be previous delinquent accounts at different banks.

              [–]Silverback[S] 3 points4 points ago

              My 20s still need some cleaning up after.

              [–]Big_Yellow_Joint 2 points3 points ago

              I understand. There are banks out there that will let you open up an account if you've had delinquent ones, just be sure to check the fees. Or just explain to them that you're trying to get back on track. It took me two years to get to the point of having a savings account again (lost my job, moved, went back to school, husband lost his job).

              [–]toxicbrew 0 points1 point ago

              Online? ING?

              load more comments (3 replies)

                [–]ogkhax 0 points1 point ago

                What is the alternative?

                [–]ericaciliaris 6 points7 points ago

                I personally like getting a large refund. I know I'm giving the government an interest free loan, BUT if I don't get that money in my paycheck I don't really notice not having it. Then getting a couple grand once a year feels like free money.

                [–]misnamed 2 points3 points ago

                1) Some of us have variable incomes and/or choose to pay based on last year's income as self-employed people. So no, getting a small refund is not always possible.

                [–]prepend 2 points3 points ago

                There are quite a few credits available for low income people (especially with kids). So even if you remove all withholding, you could get a couple grand back.

                I just went through my taxes and read about all the credits I can't get.

                If you make $18k and have a kid or two (which actually happens) the only tax you pay is social+medicare, no income tax from a paycheck (if you do your w4 right) and still get a couple grand back.

                You're thinking "middle class". If you're making a decent income and you do your w4 right and plan your finances your refund should be pretty small.

                [–]onlycallisto 1 point2 points ago

                Not necessarily true that you shouldn't be getting a big refund. I actually got $500 more back than I put in for my State refund because of various assistance programs because I'm mega poor.

                [–]ML00211 0 points1 point ago

                Agreed with #2, but #1 is iffy. Sometimes people just don't have enough fiscal discipline, and the interest rate at a bank is laughable at best, ridiculous at worst. I've kept between $10k and $15k in my account the entire year and I just got my tax statement, they say that I got $0.94 in interest income over the year.

                [–]tjbassoon 4 points5 points ago

                You have your money it at least the wrong type of account, if not the wrong bank. I typically have less than $2k in my checking account and make more than that in a month.

                [–]prepend 0 points1 point ago

                What checking account do you have that returns .6%? That's really high nowadays. (I think ING is only returning .8% on a savings account)

                [–]tjbassoon 0 points1 point ago

                I have a pretty basic checking account with a credit union. (they call it "Amplified Checking") I earned almost $3 in dividends in January, and our balance was somewhere between $1000 and $2000 most of the month. I'm not sure how the dividends are calculated.

                Funny thing is that our savings account isn't actually as good I don't think (it's quarterly anyway I think).

                This is why I switched to a credit union.

                [–]nyki 0 points1 point ago*

                What? I usually get about $600 back.

                [–]Goat_187 1 point2 points ago

                This. I'm a manager where I work and I have to hand out the W4s at the beginning of the year and it irritates me how most just get it and without ever in their life reading the form just write down 0 and hand it back to me.

                [–]mahurtama 2 points3 points ago

                That's really too bad. I actually just received my refund on my card a few days ago and it went by without a hitch. Sorry to hear about your bad experience.

                [–]CaptainHilders 0 points1 point ago

                One time I called Walmart to see if they had a Disney table set in stock. After about 40 minutes on the phone, I realized they'd forgotten about me, hung up and ordered it online.

                Moral of the story: I hate Walmart and they hate their customers.

                If they couldn't perform a task over the phone that would normally take about 5 - 8 minutes, why would I trust them with my money? Thanks for the advice however.

                [–]bearwithchainsaw 0 points1 point ago

                Why would you do that and not put it in a bank account? Seems dumb on your part, pal.

                [–]jocarbart 2 points3 points ago

                Better yet. Don't even acknowledge the existence of walmart.

                [–]Goat_187 1 point2 points ago

                you can hate on them for their practices and patrons all you want, but when it comes down to it..... they have unbeatable prices.

                [–]gaffney2010 2 points3 points ago

                Good advice, but I'm unclear what this has to do with frugality?

                [–]anfrey 1 point2 points ago

                it's walmart, what did you fucking expect?

                [–]Aarmed 1 point2 points ago

                Bad experiences happen everywhere. Not to say you're more right or not in this case,... if I listened to everyone on the internet, I wouldn't be able to do my taxes anywhere, nor shop anywhere, nor fly anywhere.

                [–]Westrosofthewest 1 point2 points ago

                Why would anyone ever go to a retailer to formalize their tax refund?

                [–]Silverback[S] 0 points1 point ago

                I did my tax refund at home, free efile from HR Block, not sure what you mean.

                [–]supernoveltyaccount 0 points1 point ago

                The IRS is facing processing delays right now, delaying people's returns. It might have nothing to do with anything but the IRS.

                [–]Silverback[S] 0 points1 point ago

                The IRS shot it over fine, walmart screwed the pooch.

                [–]ItsGotToMakeSense 1 point2 points ago

                There are people trust Wal Mart with their money. This doesn't shock me. The possibility of them reading r/frugal, however...

                [–]Silverback[S] 2 points3 points ago

                Poor people reading frugal surprises you? Or was that just a jab?

                [–]micultra8 2 points3 points ago

                I think he's saying it's surprising that somebody proactive enough to read r/frugal to help get their finances back on track would then turn around and lose fees to a Walmart Money Card.

                [–]ItsGotToMakeSense 0 points1 point ago

                Precisely, thank you! I don't see the point of a "money card" as opposed to a checking account at a credit union. Or at least a bank, if a CU isn't an option. And for that matter, it's.. it's just Wal Mart, you know? I hear the name and the first thing that comes to mind is "I don't trust them".

                load more comments (2 replies)

                  [–]Ek49ten 0 points1 point ago

                  Turbotax? I'm guessing you sat in at one of the walmart tax booths.

                  [–]big_bad_john -1 points0 points ago

                  If it wasn't for this one post three fucking months ago, I would have unsubscribed. Seriously - one good idea out of hundreds of posts. We can do better than this people.

                  [–]stevenwalters 0 points1 point ago

                  I dd'd mine to a walmart money card, had 0 problems. I also use it all the time and never have problems. Everyone in here is mostly talking out of their ass and has no clue what a money card is, or the fact that it's practically a GE moneybank account that you can deposit money onto instantly at any register at any walmart anytime of day or night.

                  [–]modus 0 points1 point ago

                  Gift cards: the best way to destroy perfectly good money.

                  [–][deleted] ago

                  [deleted]

                  [–]Silverback[S] 3 points4 points ago

                  And your handle should be DickheadReplyer, but that's not what I'm discussing.

                  load more comments (33 replies)

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