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Just Put It on My 401(k) Debit Card [View All]

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spotbird Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-16-08 05:21 PM
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Just Put It on My 401(k) Debit Card
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Borrowing against your nest egg is becoming as easy as stopping at an ATM.
A growing number of companies now offer employees the option of being issued a debit card that taps a 401(k) loan. The card, called ReservePlus, allows workers to withdraw funds from their 401(k)s.

The immediate concern for consumers is that impulse spending desires could trump their long-term savings needs.

Here's how it works: After a company adopts the program, employees can transfer their approved loan line into a ReservePlus account online. Later, they receive a debit card that they can use to take out as much or as little as they need of the loan amount -- on average taking out 35% less than they applied for, says David Young, director of Reserve Solutions at The Reserve, the company offering the cards.
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