The Cash Store Canada now offering bank accounts

[pod]

The Cash Store Canada now offers bank accounts attached to their re-loadable master card

Just a heads up. I have next to no workable info yet

Its sort of a sub account/Virtual account for lack of a better description I guess.

Has direct ACH deposits with account numbers and such with online account access. So should work well at moving money from payment sources into account and then cash can be used via ATM with card. If it works its a pretty nice way to move money out of things like paypal, moneybookers etc.

IF it works with these things is of course the question to be answered.

I'm going to grab one next week and check it out. Best I can tell from a quick phone call is card is $17 and bank account is $10. So no real hurt to set up and try. not sure on monthly fees.

Need photo ID to setup and after that is sounds like there would be no need to ever go in again. Dump funds from source and use card to spend or withdraw.

They will also be adding bill payment options from account soon, so another nice bonus.

It may after that point work with stealth info, but I have no idea. Its new so any folks near a cash store may want to test it out. Absolutely no idea if it will work with paypal, real or ⊗⊗⊗⊗ info. Only testing will tell.

But if may be a great little option to try for some. And if you have a few friends/family members that would go get one, you can have a few. Again if it works. I wouldn't run out and get a bunch until tested

direct cash handles the accounts and I believe the card is Freedom MasterCard

Cheers

[hotsassylips]

This is the information i was able to get about the card It would be great if it would work on stealth account. I'll check for your updates pod.. thanks for the great info!

[bigmac]

thanks for the info and keep us updated would be great if it worked with paypal

[pod]

@ hotsassylips - Not sure if those rates are still valid. That blog is a couple years old I think. Have heard some grumblings on this card having high fees - But even if they went up a bit I see it as ok. My payoneer card charges something absurd like 2.5% of load amount or something insane. entropay is 5% - 4 or 5 bucks to load is fine by me.

I suspect the $10 for the bank is monthly. But again, so be it.

But the $1500 daily atm is nice. Card I use now is 500 a day. Real nice to pull a big amount if need be.

Cant see paypal rejecting it. If it has account numbers and such it should be fine. Too new for them to get all pissy. But you never know with those idiots

If it going to be able to do ach deposits and online bill payments it surely will work. She said its listed with the major banks on employers automatic deposit lists from their banks. So that's encouraging...

Only thing that may be an issue is if they have a minimum deposit of $10 or something. I can see that as a possibility.... Will know soon enough I guess

[Burning]

Originally Posted by pod

@ hotsassylips - Not sure if those rates are still valid. That blog is a couple years old I think. Have heard some grumblings on this card having high fees - But even if they went up a bit I see it as ok. My payoneer card charges something absurd like 2.5% of load amount or something insane. entropay is 5% - 4 or 5 bucks to load is fine by me.

I suspect the $10 for the bank is monthly. But again, so be it.

But the $1500 daily atm is nice. Card I use now is 500 a day. Real nice to pull a big amount if need be.

Cant see paypal rejecting it. If it has account numbers and such it should be fine. Too new for them to get all pissy. But you never know with those idiots

If it going to be able to do ach deposits and online bill payments it surely will work. She said its listed with the major banks on employers automatic deposit lists from their banks. So that's encouraging...

Only thing that may be an issue is if they have a minimum deposit of $10 or something. I can see that as a possibility.... Will know soon enough I guess

I don't like payoneer, as they have to manually send you a new card if you need multiple ones. With entropay you are able to open as may vcc as you want, since they don't send you the physical card. Also with payoneer you have to pay a monthly fee and there is a one time activation fee whenever you open a card.

[pod]

Originally Posted by Burning

I don't like payoneer

Ya, the fees are pretty costly across the board. But funding has more options then entropay. Payoneer is more for getting money then for using to register. Gonna try take a run at their virtual account too. Nice to have a US based account for us Canucks

Same as the bank and card here. More for getting cash in hand.

I ordered the entropay plastic card. It was only 10 bucks. But not sure what real use it will be. Expensive to load and only option I'm aware of to load it is by credit card. So why pay 5% to move cash from one card to another...

[hotsassylips]

Originally Posted by pod

@ hotsassylips - Not sure if those rates are still valid. That blog is a couple years old I think.

I didn't notice Sorry

[pod]

Originally Posted by hotsassylips

I didn't notice Sorry

No worries, just wanted to point it out.

I don't think fees are an issue. Just me. A buck or two here or there when making money is ok. Maybe people that complain about the fees on loadable cards have different uses for these things then we do. I suppose if you were dumping kids allowances on cards or something the small fees add up.

I add 10% to my prices for anything online to cover processing, moving money around and for currency exchanges, etc anyway.

I think the girl on the phone said the card can hold 10k now. And you can load as much as $7500 on a load. Thats nice

But i will have better details next week. Or if someone here has time to grab one sooner that would be cool.

[Burning]

Originally Posted by pod

Expensive to load and only option I'm aware of to load it is by credit card. So why pay 5% to move cash from one card to another...

The point of the entropay card it to open cards in order to use with paypal/ebay. Entropay, you are able to open UNLIMITED number of vcc's. With payoneer, they have to send you a physical card.

Not only do you have to pay a monthly fee to keep the card active on payoneer, they also charge a staggering $20 fee depending on where you get the card from..

[pod]

Originally Posted by Burning

The point of the entropay card it to open cards in order to use with paypal/ebay. Entropay, you are able to open UNLIMITED number of vcc's. ..

Ya, I get that. I have been having lots of trouble getting entropay cards accepted lately. I think they are soon to be tuff to use. Maybe just bad luck on my end. But they can be recognized immediately by the numbers.

[Burning]

Originally Posted by pod

Ya, I get that. I have been having lots of trouble getting entropay cards accepted lately. I think they are soon to be tuff to use. Maybe just bad luck on my end. But they can be recognized immediately by the numbers.

I never had a single problem with entropay...I have tons of cards from them and they are just amazing. I would recommend entropay to everyone. I even use it to purchase goods sites which I do not trust to enter my real credit card info. I don't think companies can detect where the card is from, but I'm sure they have a software to detect out vcc's. But one thing for sure is that entropay DOES NOT work with amazon.

[pod]

Originally Posted by Burning

I don't think companies can detect where the card is from,

Great you are using entropay with success. Must have just had a run of bad luck. I was just thinking it was a Canadian issue. But clearly not...

I believe, but not 100%, entropay has the same 1st 4 numbers so they are announced up front. A deal with Visa. If vendor is not looking they will be fine. but if they deliberately want to not allow entropay, as in amazon, they can. I think its the 1st 4 numbers, 4067, but again, not 100% sure... could be talking out of my ass on this one. So grain of salt

If you are still using entropay with ebay and paypal that's awesome. I'm surprised. I would have suspected they would be the first to disallow entropay. but that's awesome. Its all a crap shoot.

For kicks I might try ebay, paypal combo with entropay. But i suspect it will be a problem. but maybe I'm just paranoid

[pod]

Just an update. I finally got around to getting one of these. Added it to Paypal and will update on results...

I think the only thing that may hurt is if it has a minimum deposit that's too high for micro deposits.

But you are given info needed for PayPal:

Bank Name
Transit #
Bank #
Account #

So its a good start.

I cant find any info on limits at all for account anywhere, and that's pretty lame.


I'm 50/50 right now that this is just a Prepaid card with direct deposit capabilities and a glorified name. Such cards have been around for years. I have had one for years and short of payroll deposits, it just doesn't work because min deposit is $10. But we will see soon enough...

Not the cheapest thing in the world to setup so hopefully its of some use other than a prepaid card with "bank" just thrown onto name. If this is the case, they just added $10 a month for online access to card balance really.

Card onetime setup fee: $18
Bank onetime setup fee: $10
Card monthly fee: $7.95
Bank monthly fee $10.00

All above was due at signing so $46 to set up.

Master Card Fees:
Online / phone purchase: $1.75
ATM $2.50
Load Fee: $2.50
Access to load: $2.00 - No idea what that means at all - ?

Online "bank" page is pretty lacking in any info other than account summery. Looks suspiciously like my screen on my other loadable prepaid card. So my concern is that's just all this is.... A loadable card with sleazy marketing pointed at poor folks with bad credit. Using the word "bank" for online card statement

But again, I will keep whatever I discover updated!
Cheers

[rsot]

Wow - pretty damn pricey but it is a great bank account alternative for withdrawals. Pod, where does a fellow Canadian get one?

Edit: My bad - ha been overworked at work so the title completely slipped me. Don't think Cash Store exists when i'm at but maybe a province over I will have to try....

[pod]

Locations can be found here:

Locations | cashstore.ca

But I would hold off just yet!

I did a little more digging now that I have access to some more info and to be honest, at this point I'm 90% sure this is just a direct deposit prepaid master card.

*They are a virtual bank setup via Bank Of Montreal
*They have no routing or swift code.

All they are doing it seems is using BOM to load card.

Shame some of the info needed wasn't available to me until AFTER I spent $45 setting this up!

Never know, it may work. But I'm not counting on it.

If it is just a loadable card with an extra fee to see online balance and called "a bank" they will be getting a phone call....

But again, the second I can confirm its usefulness I will update here

[rsot]

Good stuff pod. $45 isn't bad to explore it's usefulness - spend much more on garbage and gas etc.

[pod]

Well, I was able to verify PayPal with this thing, so that's good

But it was an insane amount of hassle to do it.

The "Bank" is just an account number, nothing else. As I suspected, its just a way of having deposits made to the prepaid Master Card

The statement didn't show the EFT was from paypal or amounts or anything. Just "Incoming EFT" and they combined the 2 amounts into one transaction. I actually added another service to it the same day so it combined all 3 micro amounts from 2 companies into one... Getting the information was a nightmare.

I had made about 5 phone calls and 4 or 5 emails trying to find the info. The bank, DCBank, has no information online for users. They have a log in page for DCbank. But you don't get that use. No idea what its for. And when I asked for it they never replied.

Its a virtual account, that's all. Designed to have paychecks deposited to a debit card. Nothing more. Using the word "bank" is flying pretty fancy free here... The online statement may as well be a jpg image. You can not do anything. Not a single link. No editing profile, email alerts. nothing. Just a snapshot of transactions in and out. And all the transactions in say the same thing "cashstore 182" - There is no bank to call. No customer service number. And the cashstore has way less information then I did. I had to spend days tracking down anyone that would have any information on the transactions. I got frustrated a couple days ago and blanketed all the emails I had collected hoping just by being a nuisance I would get a reply. I had pretty much given up when out of the blue I got an email today from someone at directcash.net.

She told me the kind of info I was looking for may be added in the future to the online statement and thanks for the input. I figured that was it. I replied asking if I could at least find out the amounts of the deposits. Surely someone in the universe had it... Couple hours latter she replied with the 3 different amounts.


Bottom line: It can work. But unless you have no other bank options its just too much grief. And pretty expensive. @ $18 a month and with setup you are looking at almost $250 for a year... Plus fees to use it. The $250 is just to have it.

Just have to decide if you really need it in your situation I guess. If you have zero options to get a bank and don't mind spending a but load of time to get it setup, this can work.
But only as a last resort to be sure.

But, for better or worse, it did work so that's a bonus.

[pod]

Just wanted to update this a bit

Been using it regularly. Paypal transfers have been 3 business days like clock work

Fees to use card are just brutal

ATM fee ranges from $4 to $5.50 a pop!
[They charge $2.50 plus whatever machine charges]

Using as a credit/debit card for purchase online/in person fee $1.75 - So a minor purchase is not a great idea

I'm going to have to stick with big cash withdrawals and avoid small ones and random purchases or the fees are gonna be killer

[kris_m24]

so when paypal made the initial deposits, who did you contact to get the specific amounts deposited as you said they were both combined into one amount

[pod]

I emailed sales@directcash.net

It took awhile to get a response.

[MadSam]

Is this one of the accounts aimed at people with bad credit history?

[pod]

I guess. All they ask for is ID and start up fees. You cant do anything with it other than deposit and use card. So bad credit doesn't really matter since its just a cash account with no functionality. But if credit was so bad you cant get a real bank this is an option.