About Being Poor and the Cost of Money...

[n2doc]

Posted on: June 4, 2011 10:02 AM, by Mike

...well, it still sucks. And JPMorgan Chase isn't helping:

The Washington State Department of Social and Health Services says it wants to know why JPMorgan Chase is charging welfare recipients 85 cents each time they withdraw money from one of its bank machines, according to Rebecca Henrie, a spokesperson with DSHS's Community Services Division.

In the first four months of 2011, Chase, one of the nation's largest banks, took in a total of $465,000 in ATM fees from some of the state's poorest people: single mothers on Temporary Assistance to Needy Families, a program that DSHS administers.

DSHS contracts with Chase to provide debit-like Quest benefit cards to TANF and food stamp recipients and manage their accounts. Henrie said the agency already pays Chase a monthly caseload fee of 67 cents for each cash-only TANF account, $1.24 for each food stamp account and $1.65 for dual accounts.

Chase charges the 85-cent fee as part of a cost-sharing arrangement, Henrie said, but only when TANF recipients make a cash withdrawal at a Chase ATM. Grocery stores and retailers generally don't charge anything for Quest and bank card users to buy food and clothing.

more
http://scienceblogs.com/mikethemadbiologist/2011/06/about_being_poor_and_the_cost.php

[izquierdista]

1. Hey, they have expenses too!

That 85 cents is what it costs Chase to borrow $8500 from the Fed. They have to make it up somewhere.

[ejpoeta]

2. don't they borrow that money for free from the fed?

[izquierdista]

3. Not free -- 0.01%

Are you trying to make Uncle Sam out to be some kind of sucker?

[ejpoeta]

4. well they are a sucker of some sort i guess.

[Zoeisright]

5. I remember when ATMs were first introduced. Banksters claimed it would save

them money (and save their "customers" money) because they didn't have to pay a teller wages and benefits. Now those assholes banksters are charging MORE for ATM use than a teller.

Fucking liars.