A community of 30,000 US Transcriptionist serving Medical Transcription Industry

Direct deposit, thought I would share - sm

Posted: May 08, 2013

Just thought I would share. With direct deposit, I've read people saying they don't have bank accounts or whatever, and I have one, but choose to use a Netspend card for my direct deposits. The GOOD THINGS about the card are that first of all, you receive your direct deposit the MINUTE it is sent by your company. I am ALWAYS paid two days earlier than payday and that is on both jobs that I work. There is no waiting for the bank to clear and such or worrying about bank holidays, it even works on holidays. The other thing is they let you overdraft your card by $10.00 between deposits for FREE, but you can overdraft your card to $100 dollars for only a $15.00 charge. That is less than half of what my bank charges and on tight money weeks, I can go to ATM and take out the $100, which isn't even there and I am just charged $15 bucks for doing so. It comes out immeidately upon my next direct deposit.

I know overdrafting should not be encouraged, but I also know that the way the MTs have to work now, having an extra hundred sitting around for emergencies is a good thing. I think you have to have the card like 60 days before overdraft takes effect.

Just wanted to share with my fellow MT ladies:-)

netspend - not all have overdraft - anon

[ In Reply To ..]
It depends on where you got your netspend card. Even tho mine is netspend, I received it as a direct deposit option for my tax return thru Liberty Tax. This place of purchase doesn't offer the overdraft option.

Mine is from netspend.com - nm

[ In Reply To ..]
.

Interesting info on Netspend.... - Longtimer

[ In Reply To ..]
They sent an application letter and soliciation card to my under-age child. I have no idea where they got her info from but I'd never heard of them until then. Funny thing she's at the age where she has no money to have a debit card for! Her money is in her savings account.

That's not that unusual - anon

[ In Reply To ..]
I think businesses like this either just pull name/address information from wherever and just send mailings. Or, someone sold them your daughter's name. My son was solicited by AARP--when he was 2!!

Help me understand - see msg

[ In Reply To ..]
Okay, so you're broke and you spend $15 to get $100 you don't need yet? What type of emergency comes up that you need $100 in your pocket? Why not just go to the ATM when/if you need the $100? At least then, maybe the $15 is worth it.

I actually don't understand using an ATM at all. Paying money to get your own money seems silly when it's easy enough to just get money from the bank for free, then budget it.

Not exactly - sm

[ In Reply To ..]
If your balance is ZERO, meaning you have NO funds, you can still get $100 against your future deposit, for a fee of $15.00. So, it is like taking out a loan basically. You can get $100 from the ATM or spend $100 at the store or whatever.

Thank you for sharing that. I'm going to sign up for one. sm - fastermoney

[ In Reply To ..]
Currently, I get paid from my company and by the time it goes from their processing to my bank processing I'm delayed 5+ days out usually. I'd love to actually receive my funds on payday. I am going to sign up. Would you like the refer-a-friend credit? If so, send me your info either here or to my email from here. I'll wait until tomorrow to see your response before I sign up. My payday won't be until 5/16 as time ends on 15th and it's processed the next day.

I have netspend too and haven't had any of those issues - Kia

[ In Reply To ..]
I also get my pay early and it works great for me.

Yes exactly - Anonymous

[ In Reply To ..]
Then when you actually get the $100 you only have $85 because you had to pay a fee. The company handling your direct deposit is charging you 15% interest on your money. I think it sounds like a payday loan. I agree, get a real bank account so that you can obtain access to all of their services. Don't you need a checking account to pay bills?

It is an overdraft fee of $15.00 - another

[ In Reply To ..]
My bank charges me $40 dollars if I overdraft, so $15 sounds good to me. It is somewhat of a "payday loan" but some people NEED that. Some people live from paycheck to paycheck and may actually need some extra money before their next check is there, so paying $15 bucks would be okay for them.

Okay - Anonymous

[ In Reply To ..]
Start adding up those $15 fees and see how much money you are giving to that company (yes, I said giving), it adds up in a hurry. If you are consistently overdrawing your checking account, there's a problem anyway. Many of us live from pay check to pay check, but we've learned that we need to wait until payday instead of "getting money that isn't there," which is how I think you worded it.

I have a bank, but haven't bought checks in YEARS! - Checks are VERY Old School, LOL.

[ In Reply To ..]
nm

That's me, old school - Anonymous

[ In Reply To ..]
I have checks and a also a debit card, which I do use on occasion. I'm bad about reconciling my debit card transactions (ever hear of reconciling a bank statement?), so checks work well for me. It's easier for me to keep track when I have the carbons in my (gasp!) checkbook.

I thought this sounded interesting for the overdraft feature, - but...

[ In Reply To ..]

I'll be sticking with my Chase Ucard for direct deposit. I'm glad this works for you, but there are less costly alternatives available.

http://www.nerdwallet.com/blog/2011/netspend-prepaid-debit-card

http://www.pissedconsumer.com/reviews-by-company/netspend.html

Another thought - Anonymous

[ In Reply To ..]
I know savings accounts don't pay much interest, but wouldn't it be better to put that $100 in a savings account? Then you would have $100 for emergencies plus maybe a little more instead of being $15 in the hole every pay day.

Netspend - Nick

[ In Reply To ..]
Just a friendly reminder--not all of us are ladies! ;)- Have a great day and thanks for the info!

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