Wyoming Joins Ranks of Unemployment Debit Cards - Other News

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Other » Wyoming Joins Ranks of Unemployment Debit Cards

Wyoming Joins Ranks of Unemployment Debit Cards

Wyoming Joins Ranks of Unemployment Debit Cards
The content is accurate at the time of publication and is subject to change.

It appears that even the unemployment system in the country is being modernized. This is the case in Wyoming and at least 29 other states scattered throughout the nation. There will be no more standing in line or waiting for the unemployment check to arrive in the mail in the Equality State. Those collecting unemployment can now choose to receive their compensation in the form of a debit card that can be used to make purchases and pay for expenses. While this sounds like an efficient way to collect unemployment, there are pros and cons to this type of income.

Pros

The primary benefit of collecting unemployment on a debit card is that it speeds up the process. It gives that extra speed to the Unemployment Insurance Division of the Wyoming Department of Workforce Services, which is responsible for processing unemployment payments, to distribute the money to the recipients. Additionally, it means that the individuals waiting for the money are able to receive it and access it much faster than in the past which alleviates a trip to the bank or check cashing store.

Another benefit is that the use of these cards saves the state money for postage and handling. These state dollars saved than passed on to other important programs for the people residing in Wyoming.

Cons

However, one of the disadvantages that some individuals run into while using the cards is rooted in banking policies. If the recipient of the debit card does not have an account at the same bank that issued the debit card, it makes it harder to use the debit card and to access cash. Such obstacles include banking fees associated with using a debit card. For example, debit card users are charged up to $1.50 transaction fee each time they withdraw money from an out-of-network ATM. In other words, there is always a fee when transaction occurs at an ATM not owned by the issuing bank.

All these fees and hidden costs is something to consider for a person without a steady employment income. Each card carries its own terms and conditions, so users should read and understand this information fully prior to opting to use the card. Beyond withdrawal transaction fees, debit card users may also encounter fees for checking the balance on the card, contacting the customer service center, or for using the card too many times in a set period. Overdraft fees also apply to the debit account. Meanwhile, new federal government regulation under the Dodd-Frank bill, poised to cap profits banks make of merchants on debit cards may result in even higher fees to the debit card user, yet.

Alternatively, individuals collecting unemployment can choose to receive a paper check in the mail or use direct deposit into a bank account. No matter which option is selected, make sure you are well informed prior using the card so you can wisely or else pay the consequences.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

Discover Debit Card Gets an Upgrade

Posted: August 21, 2018

Discover is rolling out a new version of their debit card, offering several new features, including Freeze It, which may be familiar to their credit card customers. It lets cardholders turn their card on and off if it's lost or stolen. Continue reading
Discover Cuts Price Protection Benefits from Credit Cards

Posted: August 20, 2018

If you have a Discover card and like the Price Protection benefit that comes with it, you might want to take advantage of it sooner than later. Discover has decided to do away with this benefit. This benefit will no longer be part of your ... Continue reading
The New Citizens Bank Cash Back Plus World MasterCard

Posted: August 17, 2018

Citizens Bank has rolled out their new Cash Back Plus World MasterCard, offering cardholders 1.8% cash back when they go shopping. This is an upgraded version of their previous card. With this new version, cardholders can earn unlimited ... Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com, or wholesale clubs up to the quarterly maximum each time you activate.
For Excellent, Good Credit
INTRO OFFER: Discover will match ALL the Miles you've earned at the end of your first year, automatically. For example, if you earn 30,000 Miles, you get 60,000 Miles.
For Excellent, Good Credit
0% Intro APR on Balance Transfers and Purchases for 18 months. After that, the variable APR will be 15.74% - 25.74% based on your creditworthiness
For Excellent, Good Credit
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!