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Treasury plans social security debit card: report

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Kadie Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-04-08 10:50 AM
Original message
Treasury plans social security debit card: report
Treasury plans social security debit card: report
Fri Jan 4, 4:58 AM ET


NEW YORK (Reuters) - The Treasury Department is set to offer a prepaid debit card for Social Security recipients and has chosen Dallas-based Coamerica Bank as the card issuer, The Wall Street Journal reported on Friday.

The report said the card is targeted at Social Security and Supplemental Security Income recipients who don't have bank accounts, and is also aimed at providing cheaper and more secure payments by shifting away from paper checks.


http://news.yahoo.com/s/nm/20080104/us_nm/treasury_debitcard_dc_1
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Teaser Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-04-08 10:52 AM
Response to Original message
1. I'm sure there is a * angle on this
Question is, what is it?
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Selatius Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-04-08 10:54 AM
Response to Reply #1
2. I'm sure Coamerica Bank is a private bank that exists to make a profit.
There's your money angle.
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cynatnite Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-04-08 10:54 AM
Response to Reply #1
4. Money?
Would this bank get the fees if a social security recipient used an ATM or something?
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Angela Shelley Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-04-08 10:54 AM
Response to Original message
3. Super, now every purchase can be tracked
and the information can be sold to marketing agencies.

Finally, an efficient information system.
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_testify_ Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-04-08 11:00 AM
Response to Reply #3
6. True.
But what's keeping me from exchanging my card for the cash equivalent from someone less discriminating?
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Angela Shelley Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-04-08 11:03 AM
Response to Reply #6
7. Laziness.
It´s the same with credit cards, and people still use them, even when they buy items which they don´t want their spouses to know about.

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eShirl Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-04-08 11:08 AM
Response to Reply #6
9. if it's a debit card you can withdraw at any ATM on the balance
and get cash back with any purchase at most stores
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Kip Humphrey Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-04-08 10:57 AM
Response to Original message
5. You may not be able to live off your social security but you'll still be able to SHOP!
Wadda country!
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pinto Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-04-08 11:07 AM
Response to Original message
8. Not a bad idea, overall, imho. Theft of paper checks is a real concern for
SS/SSI/SSDI recipients who don't have a bank account for direct deposit. (And direct deposit is cheaper for the government to handle.)

I'd *rather* see Soc Sec assist with establishing a regular bank/credit union account - checking or savings - that would take direct deposit, though. I understand the point, from a safety POV - this seems somewhat superfluous.
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TahitiNut Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-04-08 11:20 AM
Response to Reply #8
12. The theft of a prepaid debit card would be far more "profitable"
After all, that little piece of plastic is easier to cash.
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pinto Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-04-08 11:26 AM
Response to Reply #12
14. I assume it would have a PIN function, fwiw.
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1monster Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-04-08 11:42 AM
Response to Reply #14
15. In many places my PIN is not requested, wanted, or required to use my debit card.
The stores are not set up for debit cards and treat the debit cards like credit cards...

Except that they sill work like debit cards without the protections built into credit cards.

So, if someone steals my debit card, s/he can use it to get all the money out of my bank account and put it into overdraft before I even know the card is gone.

And I'd have no recourse. My money would be gone and I'd be responsible for the overdraft.
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Didereaux Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-04-08 11:14 AM
Response to Original message
10. COAMERICA will now be getting a piece of dwindling SS monies...
Any bank in Dallas is directly tied in with Neo-CONs, same as Hallibuton et al Also you might want to see who landed the software contract for that swindle...you will find Marvin, Neil or Jeb or all three involved.
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liam_laddie Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-04-08 11:22 AM
Response to Reply #10
13. "Dallas-based..."
Bingo! You are correct!
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TahitiNut Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-04-08 11:15 AM
Response to Original message
11. "float" ... the banking industry thrives on float.
Edited on Fri Jan-04-08 11:17 AM by TahitiNut
NEVER underestimate what the banking industry will do for float. After all, you don't have to actually OWN a billion dollars to be a billionaire ... IF you have the use of a billion dollars of OPM (other people's money). As BILLIONS of dollars in Social Security benefits flow DAILY through the coffers of the purveyors of a 2"x3" piece of cheap plastic, the banking industry is ORGASMIC about getting MORE and MORE.

And then there's the "frosting" ... called FEES. Wow. Nice work if you can get it.
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