Maybe someone that specializes in economics can explain
I just saw this commercial for something called Netspend. Never heard of it. At first I thought it was going to be some type of check cashing thing where they charge you money for getting your paycheck early. Seems that if you don’t have a bank you can just have all your earnings deposited on this card. Appears to be backed by Mastercard. It’s FDIC insured. Has an app that tracks your spending. Anyway I just thought it was odd and a way to deal with money and their testimonials seemed to have “working” people as the ones that use this. Maybe it’s just one big money laundering thing. Obviously they are making money off the people that use this. Went to the website and it says they’ve been around for 20 years. Anyone hear of this?
Is legit, but more aimed at those not wanting a detailed history or bank relationship. Eg immigrants or those that might have had issues with banks. Thinking would be a great way of bypassing Western Union to get funds back to relatives elsewhere.