apparently it is an "account" through Republic Bank and trust company specifically for people that have negatives through chexsystem and can't get a normal bank account. You get an atm card and can do online banking and have your checks direct deposited. Just looking for feedback.
2006-09-22 08:11:19 · 2 answers · asked by estephania2182 3 in Business & Finance ➔ Personal Finance
You are probably better off having your money deposited to the account of a close friend or family member. The fees that these companies charge are astronomical compared to whatever amount you could possibly owe your previous bank. The fees can be as high as 20%. So lets say your takehome pay this pay period is $578. They give you $462 and keep $115 for themselves. Now lets let that add up for 26 bi-weekly pay periods and you have paid them almost $3000 over the course of a year to allow you to get your money. I am sure that you do not owe your previous bank that much money.
Secondly let's say that they advertise a fee schedule that is much less- Take my word for it, eventually it will still come out to about 20% with all of the processing fees and addtional costs they will add on.
2006-09-22 08:26:16 · answer #1 · answered by Joe K 6 · 0⤊ 0⤋
Wish I could help, please let doctorjlong@yahoo.com know if you find out anything good ! Thanks !
2006-09-22 08:17:04 · answer #2 · answered by The Advocate 4 · 0⤊ 0⤋