There's a battle brewing for your $1,200 government relief check

[Yo_Mama_Been_Loggin]

The world’s largest payment companies are fighting for their own piece of the U.S. coronavirus stimulus: an assignment to help distribute some of the relief money that will be sent to millions of Americans in the coming weeks.

Visa Inc. and Mastercard Inc. are lobbying the Treasury Department to be included in the options the agency uses to disburse funds, as are smaller firms PayPal Holdings Inc. and Square Inc. Their argument is if the government is looking to get money quickly and safely to families across the country, it needs to get with the 21st century.

“The features of the modern payments world are ideally suited to help here,” said Jodie Kelley, chief executive officer of the Washington-based Electronic Transactions Association, which represents more than 500 companies in the industry. “We are fast, we are secure and no one has to touch anything.”

Getting picked for the program would be a boon for payment companies, which often levy fees each time money is sent on their networks. The firms have been battered by the slowdown in consumer spending as governments around the world ordered people to stay home and businesses to shut.

https://www.msn.com/en-us/money/companies/theres-a-battle-brewing-for-your-dollar1200-government-relief-check/ar-BB11YkXn?li=BBnbfcN

Why the hell do they have to be involved in this?

[rzemanfl]

1. I bet the payday lenders are licking their chops. n/t

[Celerity]

6. Pandemic Pay Day Loan

you can't make this shit up

[Shrike47]

2. No firm that charges a fee per withdrawal should be chosen. Stealing from the poor.

[Rstrstx]

5. Agreed, but for many it's an attractive alternative to waiting for a check

The timeline I was hearing for physical checks was running into the summer, and many of the people who would have to use a check for their money instead of direct deposit probably don't have a bank account. But both the people issuing the cards and those accepting them would have to agree to waive fees.

Pre-corona I noticed a distinct uptick in local restaurants that were starting to charge an extra fee to pay with a credit card, and sometimes a debit card as well. I imagine that they too are getting charged more in fees to use plastic.

[I_UndergroundPanther]

3. Greedy fuckers

If not the fucking republicans it's the bastards that charge you for using your own money.

Fuck all of them.

I just want mine direct deposited.

[Windy City Charlie]

4. Don't like the sound of that

Don't like the sound of that. What's to say the payment company happens to make a "mistake" and not pass on the money it's intended for. Or, they'll deduct a "processing fee". If they want to get involved so bad, it has to be because they're seeing the $$$ on the wall.

I'm afraid months down the line there will be stories coming out about all the abuse and such that took place with this stimulus package.

[crickets]

7. NO. This is just greedy vultures floating the idea.

The money will be disbursed to citizens by the IRS. Credit card companies can go screw themselves for even thinking it would be appropriate for their sticky fingers to get near it. Also, the data and privacy issues involved are enormous... in fact data may be the real prize they are after.

NO WAY.