RGIS debit card: NO FREE LUNCH!

RGIS has sent to its employees a new way of receiving pay aside from the traditional paycheck: RGIS debit card/pay card. And it will be effective by December of this year. This card which is looked similarly to this STAR CARD can be used safely and conveniently access your pay without all the hassles of a paper paycheck. You still get to receive pay statement by mail.

Just like any standard debit card, you have to activate this in order to withdraw or inquire your funds. You may use the card at millions of ATMs and retail locations accross the U.S. You can check your balances and the best thing is you can use this card to make purchases.

If you want to make a purchase but don't have enough money on your card, some merchants allow you to make a partial payment with your card and pay the remainder with cash. In fact, you may have the option to upgrade this into a regular Visa debit card. How cool is that!

But dang! there's a catch.
All transactions are no free lunch! Here are some exorbitant fees on per transaction:

ATM withdrawal: $1.50
ATM Balance Inquiry: $1.50
Lost stolen card: $6.00
Statement request: $2.95

What? Yes, you read it right. Reputable financial institutions (such as banks and credit unions) mostly if not all of them, DO NOT charge you any of these fees. Because they are value-added services and are important part of customer care. My financial institution is BECU (Boeing Employees Credit Union) does NOT charge me any of these! Even my KeyBank. They are all freebies.

For RGIS card, if you intend to make balance inquiry and there was no pay being debited yet into your card, you will get charge of $1.50. By the time you will inquire again, do not be surprised if RGIS paycard has charged you with $3.00 altogether!

Why does RGIS come up with this pay scheme? Simple. Because RGIS can save tens of thousands of dollars from spending paper paycheck printing, mailings, salary/paycheck processing, and things like that. And RGIS wants you to pay this financial burden. Is that cool? It would have been cool if its going to be free OR at least a $.25 per transaction is understandable.

Don't get me wrong, debit cards are excellent way to receive your pay because it is handy. And some reasonable fees are understandable but to excise fees more than what is reasonable is totally ridiculous.