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CROOK ALERT!! Payroll Cards are the Latest Wall Street Banksters' Scam

Updated on July 3, 2013

Wall Street Banksters and Low Wage Employers Cooperating to Screw Employees with Payroll ATM Cards

Major banks such as JPMorgan Chase, Citibank, Bank of America and Wells Fargo have a new scam, perfectly legal of course, designed to collect exorbitant fees from employees of WalMart, Home Depot, Taco Bell, Walgreen, McDonalds franchisees and other low wage employers who cooperate with the payroll card scheme promoted by the bankers.

The banks claim that employers can realize significant savings by using their ATM payroll cards rather than issuing paychecks. What they don't say is that the minimum wage employees are charged exorbitiant fees by the banks for using the cards--inactivity fees, overdraft fees, fees for transferring payroll card balances to checking accounts, out-of-network withdrawal fees, fees for balance inquiries.

The bankers' payroll card schemes are not covered by recently established federal limits on credit and debit cards; however the NY State Attorney General, Eric Schneiderman, announced this week (July 2) an investigation into payroll cards utilized by some of New York state's largest employers including Walgreen, McDonald's and WalMart. The issuing banks claim the cards are a "usefull tool for low-wage workers who don't have bank accounts." Critics claim that fees charged for using the cards can "quickly devour the pay" of low-wage and part-time workers. Attorney General Schneiderman said "We are concerned about excessive or insufficiently disclosed fees which may unduly reduce employees' take home pay." He is also examining fee schedulesto determine how the fees are accrued.


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    • Ralph Deeds profile imageAUTHOR

      Ralph Deeds 

      5 years ago from Birmingham, Michigan

      Very true. The big banks are worse than the mafia.

    • Aunt Jimi profile image

      Aunt Jimi 

      5 years ago from The reddest of the Red states!

      There is no end to the many ways society rationalizes abusing/defaming poor people. It is the way our economic system is set up in the first place that created poor people to be abused by the very people who created the system and them.

      Seems to me from my own personal experience that banks are thinking up new ways everyday to nickel and dime and even dollar us to death. Those payday loan places are really something that should be illegal. I never go near them, but I know people who do and they're lucky to have a shirt on their backs when they're done.

    • Ralph Deeds profile imageAUTHOR

      Ralph Deeds 

      5 years ago from Birmingham, Michigan

      It might be worth a call to complain. Sometimes they will remove a charge if they think you might cancel your account. Thanks for the comment.

    • Shyron E Shenko profile image

      Shyron E Shenko 

      5 years ago from Texas

      Ralph, it looks like their genes are down and their intentions are showing. I just got charged for a wire transfer $10.00 if the incoming transfer were for $5 can you imagine?

      Great and interesting hub. Voted up, Useful and Interesting and will share.

    • Ralph Deeds profile imageAUTHOR

      Ralph Deeds 

      6 years ago from Birmingham, Michigan

      Thanks for your kind comment. We're on the same wavelength. To the extent possible I've severed all my ties to Wall Street banks. They have the morals of pit vipers all the way to the top, in my opinion. JPMorganChase and Goldman Sachs are the worst.

    • Express10 profile image

      H C Palting 

      6 years ago from East Coast

      It never ceases to amaze me, the millions of ways that humans can come up with to siphon money from those who can least afford it. I have also heard about this, one fast food employee said she was forced to go this route by consistent "discouragement" of getting a paper check by her managers. Employers should not discourage or force employees into any one form of pay to the benefit of the employer or banks issuing these cards. You have written a very useful and informative hub!

    • Ralph Deeds profile imageAUTHOR

      Ralph Deeds 

      6 years ago from Birmingham, Michigan

      Thanks for the comments.

      I had two bad experiences with JPMorgan Chase, and I've severed all ties with NY Banks.

    • Shyron E Shenko profile image

      Shyron E Shenko 

      6 years ago from Texas

      Don't the employers know this? And if the do know this, are they in on it, and get a kickback from the Bankesters? I had a really bad experience with JPMC.

    • f_hruz profile image


      6 years ago from Toronto, Ontario, Canada

      WOW ... they just created another tool to get the working poor to add to the totally out of line income distribution in the US ...

      ... and the government stands by and looks on while being criminally responsible for more human-, privacy- and constitutional-rights violations every day!


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