netSpend Holdings, one of
The Cordray Index Losers, is headquartered here in Austin, Texas. Of the 33 jobs listed on their website,
27 are likewise here in Austin. These job postings are temporally associated with an agreement with
Black Entertainment Television to provide prepaid debit cards to the 22% unbanked households (ca. 19.8 million) out of their ninety million US subscribers. The "
bite" for the Control Prepaid MasterCard is reported by
Lori Hawkins of the Austin American-Statesman.
Users of the BET Control card pay $7.95 per month, $2.50 per ATM
withdrawal, $1 for overspending and 50 cents to check the account
balance via telephone or ATM. Those with $500 deposited directly on the
card qualify for a lower monthly fee of $5, the high-yield checking
account and a $10 “purchase cushion” that lets users overdraw their
accounts without penalty.
This
press release on the netSpend website naturally has a more positive view of the Control Card, which they began selling last month. Ryan Mack tells a more complete story at
the griot, including the fact that the only way to find out all the fees associated with the card is to get one. He thoroughly debunks the marketing of the Control Card, with the conclusion:
The larger point that I want to emphasize is that as long as we continue
to use these financial predators, the more they will feel they can
market to our communities. We continue to feed the beast simply because
there are those who want to capitalize on what we don't know. I have
personally assisted those who would have been deemed to be "unbankable"
-- homeless, bad credit, and formerly incarcerated; I have taken them to
a credit union to open a free bank account and get access to the
precious debit card with no fees. The only problem with this
solution I have implemented through my nonprofit is there is a limited
profit in it for those who want to make a profit for themselves outside
of feeling good for helping someone.
So, Austinites, do you want one of those 27 jobs?
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