OVERDRAFT charges were the frauds of OBAMA era ------the fix was OVERDRAFT PROTECTION services-----and now for seniors receiving SS MONTHLY online deposits----they are DE-BANKING you creating a kind of FOOD STAMP EBT------pushing more and more people out of the PRIVATE banking system.
OVERDRAFTING is a problem created by the consumer IN MOST CASES. The banks have frauds which bring consumers into OVERDRAFT without that consumer being negligent. The bottom line is this: If you don't bring bank profits that can DEBANK you.
Another way to be BEBANKED is to have a POLITICAL LEANING that banks don't like----like being right wing conservative or a REAL LEFT SOCIAL PROGRESSIVE----you know those ALL-AMERICAN political parties. Global banking 1% require FAR-RIGHT LIBERTARIAN MARXISTS.
SO, CITIZENS' OVERSIGHT MARYLAND AS PRO-BANKING REGULATION CAN BE DE-BANKED AS A WHOLE FOR THAT VOICE. CONSERVATIVES ARE THE EARLIEST ACCORDING TO FAKE NEWS MEDIA.
Social Security Direct Deposit
•Jun 10, 2014
Before Retirement Social Security
Important Facts About the Social Security Direct Express Debit Card
Updated February 17, 2020
Paper checks and direct deposits aren't always the most convenient way to receive your Social Security or Supplemental Security Income (SSI) benefits. A paper check requires a trip to the bank and direct deposit requires you to have a bank account. But there's an alternate way to receive your monthly benefits: a Social Security debit card.
It's called the Social Security Direct Express card, and it's a prepaid debit card that allows you to access and use your Social Security benefits. The card is serviced by Comerica Bank, which is based in Dallas, Texas.
You don’t need a bank account to get the card or to access your funds, which makes it a good choice if you’re not a bank customer. Having a Direct Express card also eliminates expensive check-cashing fees charged by check-cashing venues. You can use the card anywhere that accepts MasterCard debit cards.
Who Is Eligible for the Social Security Debit Card? Anyone receiving Social Security or Supplemental Security Income benefits is eligible to use this card.
Because it’s a prepaid debit card, you can only use your Direct Express Social Security debit card if you have funds in your account. Once you’ve spent or withdrawn your entire account balance, you’ll have to wait for your next monthly disbursement to use your card again.
You cannot deposit personal funds onto the card. You must open a separate bank or prepaid card to deposit personal funds.
How Does It Work?
The federal benefits are paid directly to your card on your monthly payment date. You won’t have to wait for a check to arrive in the mail. If you have another bank account, you can transfer the funds into another bank account, but you'll pay a $1.50 fee for each transfer to a U.S. bank account.3 If you already have a bank account with a debit card, enrolling in direct deposit may a better option.
Your card comes with a personal identification number (PIN) that you use to authorize transactions or withdrawals. You can also have your transactions processed as "credit" rather than "debit," which means you sign for purchases instead, as you would with a credit card. The funds are still deducted from your balance even when you choose the credit option.
Purchases, withdrawals, and transaction fees are deducted from your balance. Once you’ve spent all the funds on the card, you’ll be unable to use it until your next month’s benefits are paid.
You can be assured your money is safe: the funds in your account are FDIC-insured up to the legal limit.
Using Your Card
To get cash, you can use your card to withdraw funds from an ATM or get cash from a Walmart Money Center or Customer Service Desk. You get one free ATM cash withdrawal per deposit; after that, there’s a fee of 85 cents for each additional ATM withdrawal. Plus, the ATM operator may charge an additional fee if you use an ATM outside the Direct Express network. If you choose to get cash over the counter at Walmart, the fee is 85 cents. No additional Walmart fees apply.
You can also use your Direct Express card to shop and pay bills online. Alternatively, you can visit the U.S. Post Office to purchase a money order to pay your bills. You’ll only pay a fee to the post office to cover the cost of the money order.
Checking your account balance is free.
You can find out your balance by calling the toll-free customer service number found on the back of the card, by visiting the website, or by checking the app. ATM balance inquiries are available for free, too—just make sure your selected ATM shows the MasterCard symbol.
If you opt into monthly paper statements to receive a physical record of your account details, you’ll be charged a fee of 75 cents each month.
Limitations of the Social Security Debit Card
While you can use the Direct Express Social Security debit card for the majority of your purchases, there are some limitations.
You can use your card for online purchases as long as the retailer accepts MasterCard debit as a payment method.
To use your card for gas purchases, you must pay the clerk inside the gas station; you cannot pay at the pump. If you use your Direct Express card to rent a car, the car rental agency will place an authorization hold on up to $500 of your funds. The authorization hold will be released when you return the rental car, but the money might not get back to your account for up to two weeks.3 In addition, the car rental agency may request additional documentation because you're not using a credit card.
Depending on the merchant, you may experience a "hold" or block on your account when renting a car or reserving a hotel room. Companies do this to decrease their risk; speak to the rental agent or clerk when paying to find out when the block will be removed (it could be up to 72 hours).
How Your Credit Score Is Affected
While it looks and swipes like a credit card, the Direct Express card is not a credit card. There's no credit check is required to receive the card or to have your benefits deposited to the card each month.3
When you make purchases, you’re not borrowing money and there’s no balance to repay each month. Your card usage isn't reported to any of the major credit bureaus, which means it's not included in your credit report and won't impact your credit in any way. You can, however, use the card for paying other monthly bills that may affect your credit.
Preventing Losses and Fraudulent Activity
It's important to protect your Social Security debit card like you would any other credit or debit card or even your cash.
Keep your PIN safe and don't share it with others. If your Direct Express card is lost or stolen, you should report your missing card immediately by calling the customer service number on the back of the card. Direct Express will replace your card so you can continue to access your account. The first replacement card each calendar year is free; after that, there’s a $4 fee to replace a missing card. Your replacement card should arrive in the mail within seven to 10 days.3
You can have a replacement card expedited by request. The fee for this service is $13.50.
Fortunately, when it comes to a lost or stolen card, your Direct Express card is protected just like a traditional bank debit card. Since the card is a Master Card prepaid debit, you get MasterCard's Zero Liability Protection—which means you won't be held responsible for unauthorized transactions (although exceptions may apply).
Reporting a missing card within two days limits your liability for losses to $50.5 If you wait until after two days but report your missing card within 90 days (this limit is 60 days for traditional debit cards), you could be liable for up to $500 in losses.3 After that, you could be liable for all the losses on your account. Therefore, it's in your best interest to report a missing card as quickly as possible.
Check your account balance often to verify the purchases are yours. If you spot fraudulent activity on your account, report it right away. You may need a replacement card if your card number has been compromised.
How to Sign up for a Social Security Debit Card You can sign up for the card at your local Social Security office or by calling the Direct Express card enrollment center at (800) 333-1795.3 Representatives of payees can sign up the same way.
Once you sign up, your Social Security Benefits will be paid directly to your Direct Express card account for you to access each month.
The largest fraud of hundreds of billions of dollars during OBAMA era was this OVERDRAFT FEE fraud. This fraud worked several ways with the consumer starting the problem by being a few dollars or many dollars short of funds. The courts made this criminal and then OVERDRAFT protection services appeared. As someone who uses overdraft now and again I like having that option. What is happening is this:
HOSTING SERVER NOSY NEIGHBORS AND THE GANG on THE NETWORK can be HITTING someone----can be TARGETING someone and have ready access to anybodies ATM INFORMATION. They are being allowed to hack into that ATM to give FALSE ACCOUNT BALANCES. This leads the consumer to spend beyond that limit of funds------thinking he/she had more in that account then they did. This is FEDERAL WIRE FRAUD NUMBER 1---but in Baltimore it happens ALL THE TIME targeting low-income people.
As US CITIES become FOREIGN ECONOMIC ZONES----the movement of the US CITY POPULATION OUT of the city to be replaced by NEW CITIZENS have these devices for HITTING people's wealth built in-----and done OPENLY on THE NETWORK.
DON'T WORRY---THIS IS ONLY HAPPENING TO 'THEM' NOT 'US'.
One of the more common is below----where $38 is charged for simply overdrawing the cost of a cup of coffee. The banks leave a window of 0-$5 below account balance without charge---but many banks DO CHARGE and wait for you to come in to ASK FOR THAT REMOVAL OF CHARGE.
'The amount of the item is less than $5'
Bank facing fraud charges related to overdraft feesOn behalf of Consumer Justice Center P.A. | Jan 26, 2017 | Consumer Fraud
Minnesota-based TCF National Bank is in hot water with the authorities, facing accusations of fraud. The Consumer Financial Protection Bureau has taken action to combat the bank’s questionable overdraft program.
An overdraft fee happens when a person accidentally takes money out of an account that exceeds the amount that is actually in that account — using a debit card to pay for $200 of groceries, for example, when there are only $150 in the account. These fees often run in the realm of $35. However, they’re so common that banks earn quite a lot on them, and one chief executive officer even bought a boat that he named “Overdraft”.
When the financial crisis hit late in the last decade, federal regulations changed. Banks had to get people to enroll in overdraft programs if they were going to charge the fees on ATM withdrawals or debit purchases. These programs were not mandatory.
According to the lawsuit, though, TCF National Bank tried to trick customers into signing up. They simply asked them if they wanted to join the program at the same time other mandatory terms were shown, as they were opening new accounts. These people then assumed the program was also mandatory and signed up. This had such a huge impact that the enrollment rate doubled.
This story shows just how crucial it is to always read the fine print and understand exactly what you’re agreeing to. If you’ve been intentionally misled or deceived, by banks or other corporations, it’s important you know what rights you have. These corporations may have violated regulations and taken advantage of their customers.
This was the major overdrafting fraud from OBAMA era------a person may have deserved one overdraft charge but ended having multiple charges. The bank manipulated the posting to assure that maximum overdraft fee.
This happened quite often here in Baltimore ----happening especially to low-income who don't have a standing balance.
'“Banks will say (high-to-low clearing) is for the consumer,” he says. “Bottom line is, when it was pitched, we’d say … a side effect is that it results in more fee income to you because it bounces more checks.” Colbert says that after leaving Profit Technologies, he joined a credit-counseling firm and saw the damage fees did to consumers.
Just to make this clear: Say you have $100 in your checking account and four checks arrive at your bank in the following amounts: $15, $20, $30, and $150. If you clear them in that order, the first three are fine and only the last one incurs an overdraft. If you clear them in the opposite order, all four incur overdraft fees. Ka-ching! That’s why banks like to clear high to low'.
July 10, 2009The Overdraft Scam
Kathy Chu reports on the overdraft fee scam, which currently generates nearly $40 billion in income for banks — by far their most lucrative source of fees and penalties:
Some consultants offered banks ways to boost overdraft and credit card revenue. A 2001 “checklist” from Profit Technologies — a firm that has worked with 19 of the USA’s 20 largest banks — has more than 600 strategies….One strategy listed to boost overdrafts:
“Allow consumers to overdraw their … accounts at the ATM up to the bank’s internally set limit.”
To increase credit card fees, banks can “delay crediting of payments not received in bank provided envelop (sic) or for which payment coupon is not received for up to 5 days,” and “remove bar coding from remittance envelopes,” slowing the payment.
….Has banks’ pursuit of profit gone too far? Ken Vollmer, 49, of Augusta, Ga., thinks so. He sued Wachovia this year, alleging it “purposely structured transactions to make money.” A merchant mistakenly put a hold on his funds, then the bank cleared transactions from high to low, triggering hundreds in overdraft fees, he says. Spokeswoman Richele Messick says Wachovia processes transactions in an “appropriate” way and will “vigorously defend” itself in the case.
Banks clear larger payments first, says Talbott, because they tend to be more important. But Douglass Colbert, who advised banks on overdraft and card strategies at Profit Technologies, says fees are a key driver.
“Banks will say (high-to-low clearing) is for the consumer,” he says. “Bottom line is, when it was pitched, we’d say … a side effect is that it results in more fee income to you because it bounces more checks.” Colbert says that after leaving Profit Technologies, he joined a credit-counseling firm and saw the damage fees did to consumers.
Just to make this clear: Say you have $100 in your checking account and four checks arrive at your bank in the following amounts: $15, $20, $30, and $150. If you clear them in that order, the first three are fine and only the last one incurs an overdraft. If you clear them in the opposite order, all four incur overdraft fees. Ka-ching! That’s why banks like to clear high to low.
The goal MOVING FORWARD as we say is to eliminate ALL BRICK AND MORTAR banks------this forces low-income---seniors/disability----working class -----out of brick and mortar banks and once that industry grows ALL BRICK AND MORTAR BANKS will close-----along with access to that COLD HARD CASH.
'6 February 2020 - Citizens Party Media Release
STOP PRESS: Morrison blinks on cash ban!
The Morrison government has delayed the Senate report on the cash ban, originally due tomorrow, until 28 February to consider the evidence. The flood of calls that Senators are receiving are working! Keep up the pressure.
Banks are private businesses and have the right to close the accounts of any customers they no longer wish to do business with. It’s called debanking and it’s not uncommon. If the g...'
The tyranny of ‘debanking’—cash ban puts everyone at the mercy of banks
6 February 2020 - Citizens Party Media ReleaseSTOP PRESS: Morrison blinks on cash ban! The Morrison government has delayed the Senate report on the cash ban, originally due tomorrow, until 28 February to consider the evidence. The flood of calls that Senators are receiving are working! Keep up the pressure.
Banks are private businesses and have the right to close the accounts of any customers they no longer wish to do business with. It’s called debanking and it’s not uncommon. If the government passes its totalitarian ban on cash transactions, starting at $10,000 but with a view to reducing it over time, Australian businesses and individuals who get debanked will be effectively locked out of the economy, stuck in a commercial limbo in which they are unable to engage in any significant transactions. One debanked business owner said to the Citizens Party: “If they pass the cash ban, what am I to do? They may as well send me to jail.”
At the 12 December Senate hearing on the cash ban bill, the Small Business and Family Enterprise Ombudsman and the Australian Taxpayers’ Alliance raised the issue of debanking to the surprised senators, who had never heard of it before. Here’s an excerpt of the transcript:
Dr Craig Latham, Deputy Small Business Ombudsman: “But we’re coming across a number of situations where banks are actually removing people from their books. We call it ‘debanking’ … not offering services. This could be point-of-sale equipment, but it could also be holding an account with the bank. It is happening across a number of industries—newsagents, adult services and other industries as well. We’ve seen examples of people associated with tattoo parlours or gun shops being debanked as well.”
Senator Rex Patrick, Centre Alliance: “For social conscience reasons, are you saying?”
Dr Latham: “We are having trouble fathoming exactly for what reason you would try to debank legitimate businesses.”
Senator Patrick: “In that respect it would be quite legitimate for businesses to try to debank banks, because they have an awful track record and the government is in effect forcing people to use these very entities that engage in abhorrent commercial conduct.”
Alexandra Hordern, Director, Advocacy, Small Business Ombudsman: “I think the key is: if a bank refuses to deal with a particular business and the business needs to make transactions of over $10,000, requiring that business to deal with an entity that won’t deal with them puts that business in an impossible position.”
Private oligarchy with long tentacles
Some of the more common cases of debanking include adult stores and vaping shops—presumably due to the banks making a “moral” judgement. Although it’s very rich for the predatory, gouging, money-laundering and child exploitation-facilitating banks to cast a moral judgement on other, perfectly legal businesses.
There are other cases of debanking, however, that in no way are due to the banks’ hypocritical moral judgements and social considerations, but solely due to their power to do so. The extent of their power, and how far the banks are willing to go to debank people both as businesses and individuals, is chilling.
One such case involves a Melbourne-based bullion dealer, who buys and sells precious metals. This legitimate business complies with all laws and regulations, including anti-money laundering (AML) disclosure requirements; in fact, AML disclosures made by this business have assisted the authorities in combating crime. The only possible reason for the banks to disapprove of this business is that it is somewhat of a competitor to the banks, given that it is becoming increasingly common for Australians to vote with their feet against banking corruption and financial recklessness by moving their money from banks into other investments, including bullion.
The bullion dealer was first debanked by Westpac, which was at least courteous enough to ensure the business had a functional account with another bank before shutting down his accounts.
CBA debanked him next, and of all the banks he dealt with was the most malicious and destructive. In 2014 they cancelled his personal credit card without notice when they knew he was on an overseas holiday, forcing him to cancel the holiday and return to Australia. CBA also debanked the bullion dealer’s parents, despite his mother having no involvement in the business. Despite telling the Australian Financial Complaints Authority they would not close his father’s corporate account, CBA closed it anyway with all the money inside the account.
Illustrating that the Big Four banks are an oligopoly, NAB also debanked him, using a top law firm. NAB not only debanked his corporate accounts, but him personally, as well as his father and mother again, and this time also an employee. The bullion dealer, his family and employees are not just debanked by the main banks, but also by their subsidiaries, including Bankwest, UBank, Bank of Melbourne etc.
The banks gave no reason for the debanking, and there was no negotiation. According to the debanked businessman, everything is on their terms and is essentially “too bad go away and don’t come back”. As an experiment after being debanked, he tried to open a personal account at CBA. Once he handed over his ID the consultant came back with the manager who said: “Sorry sir, we can’t open an account for you and I have to ask you to leave.”
In response to the government’s proposed cash ban, which will make it impossible for him to conduct any business at all, this businessman made a submission to the Senate Economics Legislation Committee’s inquiry on the cash ban, and followed it up with a call to Committee Secretary Mark Fitt to explain his personal case. Mr Fitt suggested that if the cash ban passes, he could continue to do business by purchasing bank cheques from the banks. However, when he approached the banks to test that theory, he was informed in writing that as he has been debanked from all banking services, and bank cheques are a banking service, he would not be able to purchase bank cheques.
The banks are a private-sector oligarchy with enormous power over the economy, he reflected. “The oligarchy can ‘ban’ you personally and ‘ban’ your family members from banking with them. Essentially, you have no right to a bank account like most people assume.”
This is the tyrannical power structure that PM Scott Morrison, Treasurer Josh Frydenberg, Assistant Treasurer Michael Sukkar, the Treasury, and KPMG intend to put all Australians at the mercy of with their totalitarian cash ban law. If the banks are prepared to go to such lengths to crush low-level competitors, what if they decided to debank people and political parties who campaign against their corruption?
Call your Senators to demand they vote against this rank corruption and assault on our civil liberties.