Meet The Big Banks’ Latest Slave Product: “Payroll Debit Cards”

I firmly believe that the biggest domestic policy error over the past generation has been the no-strings-attached bail out of the mega banks in these United States, and their subsequent designation as “too big to fail” and “too big to jail.” This has given the sociopaths that run these crony organizations a license to steal, and they are doing a great job of it.

So in the latest bank theft product, employers of low income workers are being persuaded to pay their employees via “prepaid payroll cards.” Not only are these cards typically associated with high fees, but they also discourage employees from using credit unions for their banking needs.

While companies try to defend themselves by saying they are providing a cheaper method for employees that do not have bank accounts to gain access to their funds, in many cases using these “prepaid cards” isn’t simply an option, but a requirement. Oh, and take a guess why the mega banks are pushing into this line of business? Prepaid cards are essentially exempt from financial regulation. Serfs up boy and girls. From the New York Times:

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