“For these largely hourly workers, paper paychecks and even direct deposit have been replaced by prepaid cards issued by their employers. Employees can use these cards, which work like debit cards, at an A.T.M. to withdraw their pay. But in the overwhelming majority of cases, using the card involves a fee. And those fees can quickly add up: one provider, for example, charges $1.75 to make a withdrawal from most A.T.M.’s, $2.95 for a paper statement and $6 to replace a card. In 2012, $34 billion was loaded onto 4.6 million active payroll cards, according to the research firm Aite Group; it expected that to reach $68.9 billion and 10.8 million cards by 2017.”
Related posts:
Bitcoin reshaping future of money
David Stockman: This Is a Giant Ponzi Scheme, It's Just Debt on Top of More Debt
Epileptic man mistaken for drug abuser beaten by Indianapolis police, lawsuit claims
Roadside manicure services boom in Nigeria
Winston Churchill’s shocking use of chemical weapons
How the Vatican built a secret property empire using Mussolini's millions
Bank of Japan announces new monetary easing
Pay Me in Bitcoin, IT Professionals Say -- Survey
Bond bubble threatens financial system, Bank of England director warns
New German hate speech law tested as Twitter blocks satire account
Border-patrol drones being borrowed by other agencies more often
Supreme Court Limits Warrantless Vehicle Searches Near Homes
NSA: Surveillance court says no upper limit on phone records collection
Prague sends aid package to Texas blast town in honor of shared Czech heritage
Ron Paul on Stossel: FEMA Causes More Harm than Good