5 Reasons to Avoid 401(k) Debit Cards

Good grief

You can thank regulatory failure AGAIN for this new development. These cards are not for your "convenience" as they'd have you imagine. They are to tempt you to incur fees to card providers while reducing your own retirement assets.

But we don't want government to be our nanny. And yet this proves our need for exactly that.

Totally Agree!

Right on! This is such a bad idea, but like other bad financial ideas this will catch on. I recently wrote (http://www.savingtoinvest.com/2008/07/debit-cards-linked-to-your-401k-danger.html) about how a company just implemented it and the BS the Chairman was giving about how this was a good idea for workers. Scary!

Totally Agree!

Right on! This is such a bad idea, but like other bad financial ideas this will catch on. I recently wrote ( http://www.savingtoinvest.com/2008/07/debit-cards-linked-to-your-401k-danger.html ) about how a company just implemented it and the BS the Chairman was giving about how this was a good idea for workers. Scary!

You got it right folks

As a borrower, there's really only one way to look at the credit / money services industry... tyranical, slimy SCUM..

The people of this country need to rein in these "services"... of course, when your society produces nothing of value except "services" then hustling a buck, regardless of consequence is how people earn a living.

I work in a service industry, and I felt a lot better about my white collar self when my living came from MANUFACTURING companies. At the end of the day, people had something tangible in their hands....not vapors... and fees...

I think we need more regulation of the entire credit industry, and I think we had better start teaching personal finance, and micro/macro economics in grade school, or our children are going to be their minions, and be indentured to these groveling worms their entire lives.

I must ask a rhetorical question about this whole mess...what politician in his/her right mind would vote to allow something like this except in circumstance of dire need? (loaded question, there ARE no politicians in their right minds). Then not with a means of electronic transfer !

The mercantile element wants its hands on every dime it can get, regardless of the ethics of it.

Spending the vast capital in retirement plans in this country is the goal of something like this, and the big businesses have the politicians in their back pockets. Pensions use to be untouchable, by outsiders...so should 401k's be. Not by medical bills, not by lawsuits, not by ANYTHING except direst personal need.

The gutless turds in our government cave in to anything the money/credit mongers want.