I Want My Money And I Want It Now And I Don’t Want to Have to Pay for It Why Is This So Hard

Sarah Jaffe has a great overview of the hot topic of businesses paying their workers with prepaid debit cards. One worker’s lawsuit in Pennsylvania led her employer, a McDonald’s franchise, to offer checks and direct deposit in addition to the cards, which until then had been compulsory.

As Jaffe writes, “The cards are loaded with sneaky fees that leave workers essentially paying the bank for access to their wages.” For many people without bank accounts, paying for access to wages is unavoidable: prepaid debit cards, check cashing stores, wire fees.

“Proper” banking has drawbacks of its own: Yesterday I deposited a check in my bank account. The funds won’t be available to me until later today.

Support The Billfold

The Billfold continues to exist thanks to support from our readers. Help us continue to do our work by making a monthly pledge on Patreon or a one-time-only contribution through PayPal.