Suze Orman to offer her own Prepaid Debit Card

[groze]

it's not really a prepaid card at all - that's a misrepresentation, because most folks think that it's like a prepaid gift or visa card

 

where no bank account is required.

 

this card requires an bank account - it's essentially a checking account with out the checks.

 

and it's fee harvesting - don't use it right, and you could have 50 / 60 dollars a month in fees.

 

Sounds likes a Decoupled debit card not a prepaid card even though on the website it advertised as a prepaid card. I also wonder if she would have to follow the durbin debit card regulation if it is really a decoupled debit card. One company had to stop offering Decoupled debit card because the bank they did business with was not exempt from the law.

Edited January 19, 2012 by groze

[wandjust]

Suze,despite her glowing tan and fabulous energy, is almost 70 years old, and she needs to pay for her home at The Plaza. She might be doing everything extra she can to make money. Can't blame her for being an entrepeneur. But it might be better to use your regular debit card instead of incurring all these fees.

[TheBanker]

Suze Orman recently turned 60... she's nowhere near 70 years old...

[radi8]

As a public service, I read the article, so y'all don't have to.

 

 

Thanks Bob! I avoid Suze Orman. So that you don't have to.

[ICANHASMUNY?]

it's not really a prepaid card at all - that's a misrepresentation, because most folks think that it's like a prepaid gift or visa card

 

where no bank account is required.

 

this card requires an bank account - it's essentially a checking account with out the checks.

 

and it's fee harvesting - don't use it right, and you could have 50 / 60 dollars a month in fees.

 

Sounds likes a Decoupled debit card not a prepaid card even though on the website it advertised as a prepaid card. I also wonder if she would have to follow the durbin debit card regulation if it is really a decoupled debit card. One company had to stop offering Decoupled debit card because the bank they did business with was not exempt from the law.

 

go back and read this thread from the begining and follow the links to the website -

 

you have to open an account with BanCorp Bank, NA, and have money this account

- no overdraft protection and you pay heavy fees for certain transactions.

 

it's a checking account with a cebit card - without the checks

[snark]

Does the card come with or without the condescending smirk?

 

Seriously, tho, it appears not to be an actual prepaid card.....

 

Showed the article to people here at the bank and there was laughter to be heard......

 

I wonder WHY she is pushing this. I mean, she IS Suze!

[groze]

ICANHASMUNY?

 

I know you have to open an account with bankcorp. All prepaid debit cards work that way but use different banks. Some prepaid debit cards are FDIC insured & some are not.

 

You are not required to have another checking account but you will pay load fees. http://theapprovedcard.com/howitworks/addmoney/

 

I am tired. I might be misunderstanding you.

Edited January 20, 2012 by groze

[ICANHASMUNY?]

you missing the fact that they are calling it a "prepaid card"

 

as if there is something "special" about an ordinary debit card that you can use to withdrawn funds from your bank account.

 

there is no such thing as a prepaid debit card if it draws from a bank account.

 

Pre Paid Cards are Visa Gift Cards, or other cards you can can load up without an account

 

a number of articles in various news services state that you don't need a checking account or deal with a bank for Sue's prepaid card

 

because the reporters just read the Large print " Prepaid " and made the same assumption

 

they didn't read the fine print.

 

If calling prepaid it can mislead a journalist ( who probably has a college degree in English and communications)

 

why isn't it misleading to the Avg. Joe?

[groze]

I am really confused forgive my ignorance. Is the social security direct express, Greendot, western Union prepaid debit card the same or different?

 

What is throwing me off is this on the approved card website.

 

BANK ACCOUNT TRANSFER

Have a savings, checking, or other

prepaid account?

 

Add money by transferring funds from most of your other accounts—and we charge no fee!

 

You can transfer money once or every month by setting up an automatic transfer to your Approved Card. And you’ll get surcharge FREE ATM withdrawals at over 35,000 Allpoint® ATMs nationwide for 30 days after every bank account transfer of $20 or more.

[ICANHASMUNY?]

I am really confused forgive my ignorance. Is the social security direct express, Greendot, western Union prepaid debit card the same or different?

 

What is throwing me off is this on the approved card website.

 

BANK ACCOUNT TRANSFER

Have a savings, checking, or other

prepaid account?

 

Add money by transferring funds from most of your other accounts—and we charge no fee!

 

You can transfer money once or every month by setting up an automatic transfer to your Approved Card. And you'll get surcharge FREE ATM withdrawals at over 35,000 Allpoint® ATMs nationwide for 30 days after every bank account transfer of $20 or more.

 

different

 

green dot is a card you load up - no bank account.

 

western union is a reloadable card - no bank account required.

 

social security debit - they establish an account and deposit your SS $$ to it. no bank account required.

 

Sue's card is account card - you have to open an account with BanCorp Bank, NA.

 

it's just like a checking account without the checks - but you can have the bank write a check for you - these cost $1 each.

 

 

 

 

[build1969]

I now have one of these cards. I mainly got it to get my TU credit reports daily for FREE as one of the benefits of the card.

 

I have tried for a few days to find a link on the site to sign up, but there is no link to sign up for the TU service.

 

I called the cust service # and that was no help. The person I talked tried to argue with me for 2 minutes that I didn't know what I was talking about. He kept reading from a script about the TU credit project sending info to TU anonymously.

 

He put me on hold for a minute after I explained exactly where on the site I was reading my information. After he came back on the line, he sounded surprised that this was a benefit of the card.

 

The link to sign up isn't active and he had no information on when that will happen.

[Joi27]

I now have one of these cards. I mainly got it to get my TU credit reports daily for FREE as one of the benefits of the card.

 

I have tried for a few days to find a link on the site to sign up, but there is no link to sign up for the TU service.

 

I called the cust service # and that was no help. The person I talked tried to argue with me for 2 minutes that I didn't know what I was talking about. He kept reading from a script about the TU credit project sending info to TU anonymously.

 

He put me on hold for a minute after I explained exactly where on the site I was reading my information. After he came back on the line, he sounded surprised that this was a benefit of the card.

 

The link to sign up isn't active and he had no information on when that will happen.

 

I would send her a tweet. She's pretty active on twitter, so I imagine she would respond to this fairly quickly.

 

Also, Credit Karma may be a cheaper way of obtaining free TU reports.

Edited January 25, 2012 by Joi27

[Occam]

I mainly got it to get my TU credit reports daily for FREE as one of the benefits of the card.

 

I have tried for a few days to find a link on the site to sign up, but there is no link to sign up for the TU service.

 

The link to sign up isn't active...

 

Thanks for posting this and please keep us updated. If this card actually provides daily TU pulls it might be quite useful.

[road2freedom]

She lost all respect from me when I read an article where she gave blanket advice against borrowing from 401(k) because the repayments are after-tax and it results in double-taxation...

Edited January 25, 2012 by road2freedom

[build1969]

I sent her a tweet earlier. Let's see what happens.

[build1969]

I got my reply. The TU credit monitoring will be "coming soon".

[MMWTHREAD]

According to the Suze Orman website:

 

 

 

Sign up now and for one year with your active Approved Card account** you’ll be able to:

• Access your TransUnion credit report online that can be updated daily

** You are eligible to receive the TransUnion services after receipt of your Monthly Account Maintenance Fee 30 days after enrollment in The Approved Card. Upon successful billing of the Monthly Account Maintenance Fee, you will receive instructions on how to sign up for the TransUnion services.

 

 

The only reason to get this card.

 

 

[ICANHASMUNY?]

I now have one of these cards. I mainly got it to get my TU credit reports daily for FREE as one of the benefits of the card.

 

I have tried for a few days to find a link on the site to sign up, but there is no link to sign up for the TU service.

 

I called the cust service # and that was no help. The person I talked tried to argue with me for 2 minutes that I didn't know what I was talking about. He kept reading from a script about the TU credit project sending info to TU anonymously.

 

He put me on hold for a minute after I explained exactly where on the site I was reading my information. After he came back on the line, he sounded surprised that this was a benefit of the card.

 

The link to sign up isn't active and he had no information on when that will happen.

 

 

well, let us know how this progresses....

 

please remember to read the fee schedule and all the fine print.

[ciscotech2007]

SO may give decent investment advice or even debt reduction advice but her credit advice is absolutely insane and not accurate in the least.

 

of course, Clark is not much better but he is.

 

and david ramsey says pay off credit and use cash... sure... thats totally going to work david.

[eonaxes]

I now have one of these cards. I mainly got it to get my TU credit reports daily for FREE as one of the benefits of the card.

 

I have tried for a few days to find a link on the site to sign up, but there is no link to sign up for the TU service.

 

I called the cust service # and that was no help. The person I talked tried to argue with me for 2 minutes that I didn't know what I was talking about. He kept reading from a script about the TU credit project sending info to TU anonymously.

 

He put me on hold for a minute after I explained exactly where on the site I was reading my information. After he came back on the line, he sounded surprised that this was a benefit of the card.

 

The link to sign up isn't active and he had no information on when that will happen.

 

Also, Credit Karma may be a cheaper way of obtaining free TU reports.

 

from what I seen Credit Karma only summarizes your TU report. Is there a way to see a more detailed report from them where it shows all your individual tradelines? thanks

[ICANHASMUNY?]

from the National Consumer Law Center the Center for Responsible Lending, the Consumer Federation of America.to the CFPB.

 

http://www.nclc.org/images/pdf/rulemaking/cm-prepaid-card-july2012.pdf

[hegemony]

from the National Consumer Law Center the Center for Responsible Lending, the Consumer Federation of America.to the CFPB.

 

http://www.nclc.org/images/pdf/rulemaking/cm-prepaid-card-july2012.pdf

there is only one cursory mention of her card in that report. :confused:

[ICANHASMUNY?]

it's more about prepaid debit cards in general - these are set up for fee gouging those who cannot afford it.

 

Because the banks have been slapped with the Card Act,

 

and many and ongoing state laws against payday loans have been enacted,

 

The banks and the lenders are just exploiting a loophole in the laws because prepaid debit cards are not heavily regulated

 

And Celbrities who sell away their names to banks for this are, well, words fail me -

 

Suzie is even worse, because she should know better. Ms Credit Guru - "this is good for you" is a fake. - she's just chasing the allmighty dollar.

 

 

http://www.msnbc.msn.com/id/48125310/ns/business-personal_finance/t/new-clients-old-problems-prepaid-debit-cards/

 

how many are going to want their names off these cardss once the CFPB get done with them?

[hegemony]

 

Suzie is even worse, because she should know better. Ms Credit Guru - "this is good for you" is a fake. - she's just chasing the allmighty dollar.

 

 

 

agreed...but guru's have to eat too

[ICANHASMUNY?]

Suzie is even worse, because she should know better. Ms Credit Guru - "this is good for you" is a fake. - she's just chasing the allmighty dollar.

 

 

 

agreed...but guru's have to eat too

 

she's not exactly broke - ..... net worth of 35 million dollars....

 

 

 

she's just getting greedy. ( like the banks. )