For many people who do not have bank accounts, or cannot get a credit card, the appeal is irresistible, making the reloadable cards among the consumer banking industry’s fastest-growing products. But their convenience comes with a catch: fees, often hidden in the fine print.Caveat Emptor, indeed! Banks are looking more and more like loan sharks, but they are not likely to break your knee caps before the bankrupt you.
The MiCash Prepaid MasterCard docks cardholders a $9.95 activation fee. Like many competitors, it then charges numerous recurring fees, including $1.75 for each A.T.M. withdrawal, $1 for each A.T.M. balance inquiry, 50 cents for each purchase, $4 for monthly maintenance, $2 for inactivity after 60 days and $1 for a call to customer service.
Tuesday, October 06, 2009
Caveat Emptor or Should There Be A Law Against Preditors Like This
If you ask me, it's buyer beware, but really, these companies have lost their moral compass - if they ever had one: