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A D V E R T I S E M E N T
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A D V E R T I S E M E N T
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Payroll Wars
To the editor: I recently came across your informative article about the payroll card (“Banking by Fiat,” Jan. 26, 2005). You brought up a lot of issues that are starting to surface nationally among consumer advocates regarding the dangers and high costs of these payroll cards (most having to do with the “company store” problems).
Also, you overstated the cost of cashing a check at PLS Check Cashers. Our fee is based on the amount of the check (net pay, after taxes). You quoted our fee as if we were charging a percentage point of the total wages (before taxes). Thus, our costs are 25 percent less than the payroll card — not equal to it as you stated in the article.
Bob Wolfberg, President, PLS Financial, Chicago, IL
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