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Jun 4, 2020 - 8:47:20 AM
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Players Union Member

DC5

USA

11613 posts since 6/30/2015

So my stimulus from the Feds arrived this week and I came very close to throwing it away. It was not in the form of a check with DT's signature, as has been reported on the news, but as a pre-paid Visa. The envelope is not marked as being from the Federal Government, and looks like yet another credit card offer, which is why it almost got tossed. Worse yet, I have no idea how much it is for. They don't give a balance, you need to register the card in order to find the balance, and there are fees associated with certain transactions, like checking the balance. I just want to deposit the %$&* thing in our checking account to pay some bills.
Now I argued earlier that everyone does not need, and should not receive money from the government, and I place myself in that class of people. Our household income has remained the same as pre-C19, and our general expenses are lower. Due to us both being home some projects that cost $$ have been started, and our dishwasher died, but this is not the problem of the government.
But if they are going to send everyone something, it should be done much smarter than this. I wonder how many people have tossed this in the trash. I'll bet it is not a small number.

Jun 4, 2020 - 8:59:41 AM

1508 posts since 12/22/2006

Mine was a direct deposit, back in March.
but, I am familiar, you need to read this:
cashay.com/coronavirus-stimulu...5443.html

Jun 4, 2020 - 9:52:49 AM
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Bill Rogers (Moderator)

USA

23597 posts since 6/25/2005

Bureaucrats, feh. I got a check, but read about the debit cards—a bad, and inconvenient, idea. Sometimes I think bureaucrats (in both the public and private sectors) have a mandatory class in “How to Inconvenience Customers and the Public.” Sadly, they’re too often better at that than being useful.

Jun 4, 2020 - 10:30:17 AM
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RB3

USA

708 posts since 4/12/2004

I received my check through direct deposit, so the process was efficient and painless. But that process facilitated saving rather than spending, so the money I received didn't stimulate much of anything.

I suspect that one strategy associated with the use of of debit cards is that there is an expectation that the money will, in aggregate, be spent sooner than later. In that regard, I'm surprised that the funds were not dispersed to everyone in the form of a debit card.

Jun 4, 2020 - 10:53:57 AM
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3965 posts since 10/18/2007

I agree with OP that it makes no sense to give everyone stimulus money. The money should go to those who need it. My wife and I are retired we have a solid pension and savings. But maybe I don't have the facts straight on the stimulus.

Jun 4, 2020 - 11:15:22 AM

Texasbanjo (Moderator)

USA

24469 posts since 8/3/2003

It was announced a couple of weeks ago that people would be receiving debit cards rather than checks. It also went into detail as to how they could come and from whom (not the gov't and not signed by the president). Guess you missed seeing/hearing/reading about that.

I agree with you: I'd rather have the cash so I could spend it as I needed/wanted to rather than a debit card. I presume you could pay bills with a debit card, but have never done so. I wonder if you could go to the bank and get cash for the debit card? Would be worth either a call or a trip to the bank/credit union to find out.

I got my check about 2 to 3 weeks ago and held on to it until the lobby finally opened at my bank because I hate going through the drive-through and the couple of times I tried, there were long lines waiting. Not for me.

Jun 4, 2020 - 11:32:36 AM
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664 posts since 9/29/2009

Here is how stimulus packages work in Canada (well probably everywhere)

A slow day in the small town of Pumphandle, and streets are deserted. Times are tough, everybody is in debt, and everybody is living on credit.
A tourist visiting the area drives through town, stops at the motel, and lays a $100 bill on the desk saying he wants to inspect the rooms upstairs to pick one for the night.
As soon as he walks upstairs, the motel owner grabs the bill and runs next door to pay his debt to the butcher.
The butcher takes the $100 and runs down the street to retire his debt to the pig farmer.
The pig farmer takes the $100 and heads off to pay his bill to his supplier, the Co-op.
The guy at the Co-op takes the $100 and runs to pay his debt to the local lady of the evening, who has also been facing hard times and has had to offer her "services" on credit.
The hooker rushes to the hotel and pays off her room bill with the hotel owner.
The hotel proprietor then places the $100 back on the counter so the traveler will not suspect anything.
At that moment the traveler comes down the stairs, states that the rooms are not satisfactory, picks up the $100 bill and leaves.
No one produced anything. No one earned anything...
However, the whole town is now out of debt and now looks to the future with a lot more optimism.

Jun 4, 2020 - 11:34:35 AM
Players Union Member

DC5

USA

11613 posts since 6/30/2015

My big question, how much is Visa making on this little deal to handle all this money? How is this less costly to the government than sending paper checks when they already own the printing presses? I understand that checks are burdensome to people who cannot afford a bank account, but it seems there is a less costly way of dealing with this, including mandating that all banks must cash government checks whether or not the person has an account at the bank.

Jun 4, 2020 - 11:37:52 AM
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Players Union Member

DC5

USA

11613 posts since 6/30/2015

quote:
Originally posted by Texasbanjo

It was announced a couple of weeks ago that people would be receiving debit cards rather than checks. It also went into detail as to how they could come and from whom (not the gov't and not signed by the president). Guess you missed seeing/hearing/reading about that.

I agree with you: I'd rather have the cash so I could spend it as I needed/wanted to rather than a debit card. I presume you could pay bills with a debit card, but have never done so. I wonder if you could go to the bank and get cash for the debit card? Would be worth either a call or a trip to the bank/credit union to find out.

I got my check about 2 to 3 weeks ago and held on to it until the lobby finally opened at my bank because I hate going through the drive-through and the couple of times I tried, there were long lines waiting. Not for me.


I'm generally a news junkie, but there have been a few days since the pandemic that I have avoided the news as to not get too stressed or depressed.  It must have been reported on one of those days.  It's like the one day I skipped school in high school was the day they taught everything. 

Jun 4, 2020 - 11:49:20 AM

3965 posts since 10/18/2007

quote:
Originally posted by Billybiltbanjo

Here is how stimulus packages work in Canada (well probably everywhere)

A slow day in the small town of Pumphandle, and streets are deserted. Times are tough, everybody is in debt, and everybody is living on credit.
A tourist visiting the area drives through town, stops at the motel, and lays a $100 bill on the desk saying he wants to inspect the rooms upstairs to pick one for the night.
As soon as he walks upstairs, the motel owner grabs the bill and runs next door to pay his debt to the butcher.
The butcher takes the $100 and runs down the street to retire his debt to the pig farmer.
The pig farmer takes the $100 and heads off to pay his bill to his supplier, the Co-op.
The guy at the Co-op takes the $100 and runs to pay his debt to the local lady of the evening, who has also been facing hard times and has had to offer her "services" on credit.
The hooker rushes to the hotel and pays off her room bill with the hotel owner.
The hotel proprietor then places the $100 back on the counter so the traveler will not suspect anything.
At that moment the traveler comes down the stairs, states that the rooms are not satisfactory, picks up the $100 bill and leaves.
No one produced anything. No one earned anything...
However, the whole town is now out of debt and now looks to the future with a lot more optimism.


Jun 4, 2020 - 12:28:40 PM

2922 posts since 9/12/2016

it is even sillier in a time when wealth is measured by exactly how much voltage you lay on an integrated circuit  storage file

Edited by - Tractor1 on 06/04/2020 12:29:17

Jun 4, 2020 - 1:08:53 PM

9911 posts since 2/22/2007

What is sad is that some are making more by not working than those essential services workers are making by going to work and exposing themselves to the risk of virus. If we had given everyone a bare subsistence income then the unemployed would not have starved and those who worked would have received an extra reward for their service.

Jun 4, 2020 - 1:20:16 PM
Players Union Member

DC5

USA

11613 posts since 6/30/2015

quote:
Originally posted by Billybiltbanjo

Here is how stimulus packages work in Canada (well probably everywhere)

A slow day in the small town of Pumphandle, and streets are deserted. Times are tough, everybody is in debt, and everybody is living on credit.
A tourist visiting the area drives through town, stops at the motel, and lays a $100 bill on the desk saying he wants to inspect the rooms upstairs to pick one for the night.
As soon as he walks upstairs, the motel owner grabs the bill and runs next door to pay his debt to the butcher.
The butcher takes the $100 and runs down the street to retire his debt to the pig farmer.
The pig farmer takes the $100 and heads off to pay his bill to his supplier, the Co-op.
The guy at the Co-op takes the $100 and runs to pay his debt to the local lady of the evening, who has also been facing hard times and has had to offer her "services" on credit.
The hooker rushes to the hotel and pays off her room bill with the hotel owner.
The hotel proprietor then places the $100 back on the counter so the traveler will not suspect anything.
At that moment the traveler comes down the stairs, states that the rooms are not satisfactory, picks up the $100 bill and leaves.
No one produced anything. No one earned anything...
However, the whole town is now out of debt and now looks to the future with a lot more optimism.


That's something like how our Social Security system works.  When you retire you are given a list of 10 names.  You send $1,000 to the first name on the list, remove that name and add your name to the bottom, then send the letter to 10 new retirees.  When your name comes to the top of the list you get millions of dollars. 

Jun 4, 2020 - 1:23:34 PM

9911 posts since 2/22/2007

Billybb, I liked your story example, but notice that from an accounting standpoint that nobody is any better off! Everyone's accounts payable ledger---a liability---- was reduced, but their accounts receivable---an asset---- was also reduced by an equal amount. There is no net gain for anyone.

Jun 4, 2020 - 1:49:45 PM
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Bill Rogers (Moderator)

USA

23597 posts since 6/25/2005

I sent mine on to my little sister, who lives on the edge of poverty and can’t work due to the aftermath of a horrendous auto wreck. Last I talked with her, she hadn’t gotten hers, but was told it would be a direct deposit.

Edited by - Bill Rogers on 06/04/2020 13:52:58

Jun 4, 2020 - 2:09:34 PM

9442 posts since 8/22/2006

quote:
Originally posted by DC5

So my stimulus from the Feds arrived this week and I came very close to throwing it away. It was not in the form of a check withDT's signature, as has been reported on the news, but as a pre-paid Visa. The envelope is not marked as being from the Federal Government, and looks like yet another credit card offer, which is why it almost got tossed. Worse yet, I have no idea how much it is for. They don't give a balance, you need to register the card in order to find the balance, and there are fees associated with certain transactions, like checking the balance. I just want to deposit the %$&* thing in our checking account to pay some bills.
Now I argued earlier that everyone does not need, and should not receive money from the government, and I place myself in that class of people. Our household income has remained the same as pre-C19, and our general expenses are lower. Due to us both being home some projects that cost $$ have been started, and our dishwasher died, but this is not the problem of the government.
But if they are going to send everyone something, it should be done much smarter than this. I wonder how many people have tossed this in the trash. I'll bet it is not a small number.


We got ours the same way and I told my wife to cut it up it is a scam. Not knowing the Government changed to the prepaid card crap. You have to call an 1800 number and enter your SS number to active the damn thing. No I'm not calling an unknown 1800 number and I damn sure not entering my SS number on any unknown system.  yes folks have thrown the card away thinking the same way as myself. It costs 17.00 bucks to get a replacement card sent once you find out you made a mistake oh how convenient. Sometimes I think the people in charge lack common sense. You file income tax the Feds have your SSNumber. Just send the check we will take care of it or was there so much stealing out of mail boxes that the checks were not getting into the hands of the recipient? 

Jun 4, 2020 - 3:13:51 PM

6666 posts since 5/26/2003

Many people don't have bank, a ready means to cash a check without paying significant fees, an account to put it in or a safe, reliable way to receive a check for thousands of dollars. You want to walk around inner city Detroit with $1,000+ in your pocket? Your friendly neighbors would like that. With the debit card and SS number requirement, thieves face a higher hurdle beyond robbing an insecure mailbox and the card can be replaced if lost or stolen. 

For weeks the government was widely disseminating the desirability of updating your IRS direct deposit information if it wasn't already on file. We got a least one mailing to that effect way back when, on IRS stationary.

 

Jun 4, 2020 - 3:36:42 PM

3965 posts since 10/18/2007

All we did was put the money into credit union savings. Does that help anyone much?

Jun 4, 2020 - 4:39:11 PM
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Players Union Member

wizofos

USA

5530 posts since 8/19/2012

We got ours in direct deposit, then cut a personal check and gave some of it to the local food bank.
3 things happened
1. The food bank got some needed funds to help some local people who were out of work and needed some help.
2. We felt good about it.
3. We got a tax write off.

Win, Win, Win

I did hold back some to get a Gold Tone Little Gem banjo uke but have not brought that up to Her yet.  I can't decide what color to get.

Jun 4, 2020 - 6:04:54 PM

115 posts since 8/20/2019

Here is why you got a debit card: "The cards, issued by MetaBank, will be sent to people who did not provide the IRS with banking information and whose tax return was processed by the IRS centers in Austin, Texas, or Andover Massachusetts."

My grand-dad use to have a saying, "... people in hell want ice water..."

Jun 5, 2020 - 7:55:46 AM
Players Union Member

DC5

USA

11613 posts since 6/30/2015

And then of course, the paranoid part of me thinks, what a convenient way for them to figure out what we're spending it on. Maybe I'll go buy ammunition, or a new gun.

Jun 5, 2020 - 10:46:11 AM

Tommy5

USA

3593 posts since 2/22/2009

The stimulus was simple macro- economics, the quickest dirtiest way to put currency back into the system after the economy was shutdown. In a depression, deflation is the problem , nobody has any money so there is no demand , so no jobs because no body is buying anything. Putting money directly into poor/ working folks pockets is the easiest way to keep the economy alive as they spend the money and circulates.

Jun 5, 2020 - 5:15:37 PM

2272 posts since 7/20/2004

We got ours via the debit card route and also almost threw it away. I actually called my bank to verify it was legitimate. I have no idea of why it wasn't direct deposit as all other federal payments have come that way. In any event, we activated it and handed it over to our son, who needs it more than we do, as his retail store was shut down for a couple of months.

Jun 5, 2020 - 5:36:02 PM

Bill Rogers (Moderator)

USA

23597 posts since 6/25/2005

Test

Jun 5, 2020 - 7:16:40 PM
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4856 posts since 9/5/2006

i paid the termite man,,,, those guys are not cheap

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