Jim, I am so upset I can hardly type this e mail.  Due to an automatic deposit hitting my account one day late during the holidays, my bank is charging me almost $200.  Each fee is for something different.  There are two checks that were paid, so they added overdraft fees.  Next, they added NSF fees, and then a low account balance fee.  I am ready to just give up on banks altogether.  A friend suggested that I go with the Wal-Mart Cash Card, and just have my paycheck cashed and placed as a credit on the card, what do you think?

I have to tell you that my wife and I have completely stopped writing checks.  We use either online bill pay, or we use a debit card that works off of our checkbook.  So-called free checking can be expensive if you make even the smallest mistake in your account.  Banks offering free checking make their money by assessing fees.  I truly believe that there are bank executives that sit around in a room all day and come up with ideas on new ways to charge people fees.  After receiving your e mail, I did some of my own research into the Wal-Mart Cash card and here is what I discovered.

The card, available at all Wal-Marts, is a Visa Card and can be used anywhere that Visa is accepted.  The card is a pre-paid credit card.  You can add money at any Wal-Mart Financial Center (this is usually the area at the front of the store where refunds and money orders are handled).  The card is not free, and here are some of the charges to consider.  First, to obtain a card there is an $8.95 fee.  Next, there is a $4,95 monthly charge.  Lastly, there is a fee of $4.64 for each time you want to add money to the card.  There is no charge to add money to the card when you do so through a payroll check.

For those having a tough time dealing with their bank, this may be a better alternative.  It seems to me that the only fee that could become excessive on this card is the fee required to add money.  If you only added money a couple of times per month, it may not be that unreasonable.  Also, if you only add money by cashing your payroll check at Wal-Mart there is no fee at all.

I think the Wal-Mart cash card is certainly something to consider for those ready to fire their banks.  You can pay virtually everything these days using a major credit card, so checks are really not the necessity they once were.

Agree or disagree, click on comments below.

Helping you make the most of God’s money!

James L. Paris
Editor-In-Chief ChristianMoney.com 
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