Wal-Mart Does it Again....

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Wal-Mart has found yet another way to milk money out of the less fortunate. The Wal-Mart Bank has arrived.... This time, though, it's different. This new Wal-Mart MoneyCard is like a standard debit card by any issuing bank in the U.S. For many, a debit card pulls funds out of a standard checking account (backed by real money in the bank, not a credit loan). You basically have a bank account without the bank. Since credit and debit cards are universally accepted almost everywhere worldwide, you can buy anything at anytime at any place with a "loaded" Wal-Mart MoneyCard. All this sounds good until you get to the fees...that's where they get you by the short hairs. As a MoneyCard holder, Wal-Mart has you both waysAnd don't think those fees are something Wal-Mart won't be collecting -- it does. Although Wal-Mart's MoneyCard fees are competitive, the fees are still there. The retailer has an initial activation fee of $8.94 and a monthly maintenance fee of $4.94, which goes right along with its store-level retail pricing (ever see a price in Wal-Mart end in $.99?). There is also a "reload" fee of $4.64, but that is canceled if you set up your Wal-Mart MoneyCard as a recipient of your paycheck direct deposit. Further, that $5 "maintenance" fee is waived if the card user reloads $1,000 a month or more to the MoneyCard. ATM withdrawals also have a fee, but are free if you wander into a Wal-Mart location and get cash from a register using your card. What do you think? Would you want the card with all those fees attached? Not me, I'll just keep my bank debit card with no fees thank you. I think it's just one more way for Wal-Mart to get the little guy and all his money. Here is a link to the full story. http://www.bloggingstocks.com/2008/04/05/the-wal-mart-weekly-meet-wal-marts-new-debit-card-now-its-co/Brightest Blessings, Mari