What I Just Learned About WalMart Money Card

[GoingDown]

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

Yep, that's why I use the Wal-Mart money card, and because there is a Wal-Mart about a block from my home, so it is convenient to use.

I only use the Wal-Mart money card to pay stuff online and order stuff online. I figure out exactly how much money I will be spending, then I load just that amount of money (I round up a bit to be on the safe side) onto the card and then I immediately go home and pay all my bills online and order whatever I was going to order online. So I don't keep tons of money on it.

The rest I keep in cash in a very well hidden and firesafe location. It is safer than any bank when you have credit problems.

I also find that since I pay for most things (everything that I don't buy or pay online) with cash that I spend a lot less than I otherwise would. It hurts to let go of that cash! I even use a budget and stick to it. It is easy to do with cash.

[DaddyDavid]

I hate it even more.

But I'm looking for a way to pay bills without having an actual checking account, or having to buy and mail in money orders.

[LadyInTheRed]

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

I have no idea. I hate Walmart. I rarely go there.

[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.

[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]

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'?

[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]

Also that WM card can't reserve hotels etc,

the same downfall of a prepaid VISA.

[DaddyDavid]

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

[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.

[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!

[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.

[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]

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

[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?