What I Just Learned About WalMart Money Card

[ryan]

I had been planning to start using a Walmart Money Card, to have an alternative to banks in the event I have to close bank accts to avoid bank levies from CC company judgments in the future.

On this forum and others WalmartMoney Cards are discussed quite bit. ...and on the surface they may work for many, but there are some drawbacks I wasn't aware of.

A Walmart asst manager explained that they will only cash/or load onto these cards, checks from the government or PAYROLL Checks. Walmart defines a payroll check as one that has NO HANDWRITTEN INFO ON THE CHECK, including the signature area...

.....which is fine if you work for a giant company I suppose but tons of small companies employing millions of people do their payroll in a much less sophisticated fashion. They have someone write out checks by hand and sign them - how quaint! ...and if you are self-employed receiving checks from your customers/clients, checks must also contain no handwriting.

So, unless I'm missing something, the self-employed and employees of smaller firms can't reliably load walmart money cards by check.

Yes, they could separately go to a currency exchange and attempt to cash the check or if the issuing bank is local go there first and see if they'll cash it (some require you open an acct to even cash ONE CHECK) and then go Walmart with the cash to load onto the card...

Not exactly convenient though.

[OHBOY]

Thanks for the info!

Please allow me to add to your quote:
"Yes, they could separately go to a currency exchange and attempt to cash the check or if the issuing bank is local go there first and see if they'll cash it (some require you open an acct to even cash ONE CHECK) and then go Walmart with the cash to load onto the card..."

............. MANY banks now charge $ 5 EVEN though the check is issued from THEIR bank !

[jacko]

You can open up a Schwab one account with a min first deposit of only $100.00. No monthly charges, free bill pay, postage paid deposit envelopes and ATM fee reimbursement. The bank side is located in Nevada. So your creditors will not find it unless you tell them. My deposit is made available for my use same day they receive.

My account has not shown up on my Chex system report except as a inquire, even though I ordered checks.

I had been planning to start using a Walmart Money Card, to have an alternative to banks in the event I have to close bank accts to avoid bank levies from CC company judgments in the future.

On this forum and others WalmartMoney Cards are discussed quite bit. ...and on the surface they may work for many, but there are some drawbacks I wasn't aware of.

A Walmart asst manager explained that they will only cash/or load onto these cards, checks from the government or PAYROLL Checks. Walmart defines a payroll check as one that has NO HANDWRITTEN INFO ON THE CHECK, including the signature area...

.....which is fine if you work for a giant company I suppose but tons of small companies employing millions of people do their payroll in a much less sophisticated fashion. They have someone write out checks by hand and sign them - how quaint! ...and if you are self-employed receiving checks from your customers/clients, checks must also contain no handwriting.

So, unless I'm missing something, the self-employed and employees of smaller firms can't reliably load walmart money cards by check.

Yes, they could separately go to a currency exchange and attempt to cash the check or if the issuing bank is local go there first and see if they'll cash it (some require you open an acct to even cash ONE CHECK) and then go Walmart with the cash to load onto the card...

Not exactly convenient though.

[HoosierMan19]

Okay, Have a hypithetical issue.

Have money in accounts of around $40,000 BUT it is my ill mothers money with my name added to the accounts. If for some reason after the foreclosure of a rental home in GA, and I had to file BK and can provide documents that the money is hers, could they take that money for Creditors because my name is on it?

Also, could I take this money out of the account and place them on 4 $10,000 Wal Mart Prepaid cards?

[ryan]

Jacko,thanks thats new information to me. It may be what I'm looking for.

[Widdle]

Okay, Have a hypithetical issue.

Have money in accounts of around $40,000 BUT it is my ill mothers money with my name added to the accounts. If for some reason after the foreclosure of a rental home in GA, and I had to file BK and can provide documents that the money is hers, could they take that money for Creditors because my name is on it?

Also, could I take this money out of the account and place them on 4 $10,000 Wal Mart Prepaid cards?

Anything with your name on it is fair game to any agressive creditor.

I kept telling this to my brother for 8 months......his bank just raided an account that is solely used for his wife's paycheck. His name is/was only on it for beneficiary reasons.

Mortgage is only in Brother's name. They never got the money back.

I'm not familiar with the prepaid cards limit.

[ryan]

Okay, Have a hypithetical issue.
.....Also, could I take this money out of the account and place them on 4 $10,000 Wal Mart Prepaid cards?

Not sure about that...I know its a maximum load of $1500 per day. and each deposit has a certain limit as well. To load $40K might not be feasible.

[jtallerie]

I went to Walmart yesterday to cash my paycheck. I work for a retailer with 900 stores. Nothing hand written (company issued payroll check). Walmart would not cash my check. They had me pounch in my SS#. They declined the check and gave me a paper from Certigy (reason code 2). They don't have enough information about my check writing history. I don't have a history of bouncing checks.

What does my check writing history have to do with anything?

I did not write the check!

This was a payroll check from a company that has stores all over the country!

I was going to get a Walmart Money Card. Looks like I'm not doing that now.

I went to BOA where the check originated from. Showed my ID, they cashed my check no problem.

I read some information on line, many people are compaining about check cashing at walmart. The lady at Walmart told me that she has regular customers that cash their paychecks every week and then all of a sudden WalMart will not cash it one week and then the next week they will.

Confused!

[jacko]

I think its up to $1400 a day deposit limit. You can only have up to $5000 debit balance.

Not sure about that...I know its a maximum load of $1500 per day. and each deposit has a certain limit as well. To load $40K might not be feasible.

[DaddyDavid]

A secured CC for like $500 is a much better way to go, far fewer fees also.

[DaddyDavid]

Also that WM card can't reserve hotels etc,

the same downfall of a prepaid VISA.

[LadyInTheRed]

A secured CC for like $500 is a much better way to go, far fewer fees also.

The reason for the pre-paid card is to keep cash out of accounts that creditors with judgments can levy.

[DaddyDavid]

But I was told

that even to get aa prepaid card at WM you haave to provide SS # and etc, so that card would not be 'hidden'?

[DaddyDavid]

Jacko?

Is there a way to deposit cash to the Scwab account? Maybe thru another banks ATM? Advice? If yes that sure sounds like the fix to avoiding a baan account.

[DaddyDavid]

What do you mean "the bank side is in Nevada,

so your creditors won't find out"? Are you saying that a Scwab account does not appear on a credit report? And does bad prclude obtaaining that aaccount? Thanks.

You can open up a Schwab one account with a min first deposit of only $100.00. No monthly charges, free bill pay, postage paid deposit envelopes and ATM fee reimbursement. The bank side is located in Nevada. So your creditors will not find it unless you tell them. My deposit is made available for my use same day they receive.

My account has not shown up on my Chex system report except as a inquire, even though I ordered checks.