Word: card
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Some consumer advocates say the cards simply transfer costs from company to worker. Payroll cards can come loaded with fees for any number of transactions--opening or maintaining an account, or withdrawing money from an ATM--although typically the first withdrawal of each pay period is free. Fees for balance inquiries, adding money or making a purchase have also cropped up. Says Tracy Shelton, consumer attorney for the New York Public Interest Research Group (NYPIRG): "Because it's $1 here, $1.50 there, a lot of people may be shocked to see what they spend. They don't think...
Blockbuster introduced payroll cards to its corporate employees last December and is seeking to expand the program to its 60,000 store employees. Employees get one free Bank of America ATM withdrawal per week. There is a $1.50 monthly maintenance fee, but workers also receive monthly statements on paper, Web access to card activity and an automated telephone system for tracking transactions and balances...
...step for people who wouldn't otherwise have such money-management tools. "It introduces a lot of people to banking who haven't been introduced to banking before," says Sam Austin, UHaul's payroll manager. Some advocates are worried that there aren't consumer-protection laws for payroll-card holders similar to those for people with debit or credit cards. But given the compelling efficiency of the technology, it is a relationship employees will have to get used to, if they want to get paid...
...difference between what the government spends and what it collects in taxes will exceed $450 billion, thanks to two years of tax cuts, hikes in defense spending and a falloff in tax revenue. The ballooning deficit has sparked a fierce debate among economists. Deficit hawks argue that, like credit-card balances, deficits may not hurt much in the short run but will eventually wreak havoc. In the worst-case scenario, the government keeps borrowing to finance itself, and interest rates rise. That retards growth by making mortgages, car loans and corporate investment more expensive. The Bush Administration argues that...
...Record Straight: Al-Qaeda Warning The report about al-Qaeda in Iraq [Sept. 15] included a picture of a card with an Arabic warning signed by al-Qaeda. The caption said that the message was "Promises of death to America." The exact translation is "Death to agents of America...