Being Paid on the ComData Card

I shore hope not.

You reckon?

 

FDIC is a living lie.

Consider 7000 US FDIC insitutions in banking coast to coast. There is money to cover about 20 of them in full should they fail at once. The rest will eventually see their accounts paid out to you, the checking account owner at some point during the first 10 years of a failure. But you are not a creditor of first right to that money, you are last.

The last time I followed FDIC some years ago 420 plus failed. How did FDIC cover them? They got a bigger richer bank to buy em lock, stock, barrel and all branches, debt etc. Everything so that FDIC did not have to pay anything out of it's rather small fund.

The top 16 of our Banks cover the Fed Wire in the United States. Take them out and you will halt our money. And that just might be worth a nuclear first strike against the aggressor who manages such a feat should the Nation State behind it be discovered.

 

Yes, you are entirely correct.

However for the retail customer which has more protection - a bank or Comdata? If Comdata fails and declares bankruptcy the chance of anybody recovering their "savings" from Comdata will be a long, drawn out, painful process. They might get all their money, more than likely only a portion.

When a bank fails the deposit holders get their money back with only a little headache. If the FDIC pays out they go after the decision makers to recoup the loses. See http://www.chicagotribune.com/business/ct-fdic-new-city-0309-biz-20150309-story.html

Setting aside the debate over banking philosophy and regulations - what advantage does Comdata and Efs provide over traditional banks and credit unions?

 

The interest on that 6K is a paltry sum in relationship to my other investments. These investments are what I am living on today. In my case I had a valid reason for maintaining a balance on mine. I will not say why because those reasons are not open for debate. If you feel strongly against keeping funds on your card, then don't do so. But don't start I am smarter then you because I don't attitude.This is all I will say on this issue!

 

I'm not saying I'm smarter, or denigrating anybody's choice. I simply want to understand the why.

There are many different ways to do the same thing. While there is a definite wrong way to most things, generally there is no One Correct Way. The key is making informed, considerate choices.

At not point has anyone given me a thoughtful explanation on why using fuel cards as a personal financial tool makes sense.

Also please note I said the interest paid is a paltry sum. But I'm not going to step over a dime to pick up a dollar if I can pick up both.

 

Sigh.

Ok Fellas. Let's not fight.

Ive used the card comdata and EFS at one time or another to store cash in a virtual form so that I can retrieve it on demand.

I feel sorry I did not answer your questions directly now.

If I was going into a dangerous area where the smell of money got one killed or worse, I would make sure that the financing is in order re my household banking and then had just enough cash to get through each day minus the smaller and smaller amount on the fuel card.

I have always in certain places at the fuel desk gotten the heebie jeebies when the fuel desk lady loudly counts to 300 dollars and hands it over to me slowly while 20 dozen eyes count the bills and evaluate my physical and mental state more closely than any Doctor is capable of doing (No offense...)

The last time I got stupid and pulled 500 dollars from Calumet with people appearing to work at doing anything but watching and large eyes counting along with the lady the cash...

Remember in my day cash was king, ######### walked. And no cellphone had the ability to behave as a payment instrument itself. I admire some of the things that are possible now compared to my day and dating back to the Western Union Telegraph you could draw on a local bank.

Ultimately we just did fuel with the #### cards. No more fooling around. The money we were making in those days was so much we were careless about it, 500 in the truck a thousand on the card, god knows how much in the bank which it overflowing and a couple ATM cards to boot. Eff it, so what, wave a hand and you have money.

THAT My Friends is a beginning of arrongance and possibly a sin Im not holy than thou at all, because I like women. But the love of money to the point of behaving with contempt for those who cry and whine that 5 dollar aint enough for a fair shake at the meal menu on the 76 irritated us. WHY are they even there trying to loudly announce that they are attempting to buy a meal for 5 bucks. Then sob, wipe tears and offer up all the warts, broken bones, mental challenges and the latest baby illness starting back to Abraham and Issac while working through Joesph to start. In the hopes someone throws something of value at them and tells em to get lost.

Cash is very wonderful. I will always love cash. But there are times it's really prudent to have that cash protected by a card or a coded instrument like your smart phone when rolling into danger.

 

Quite honestly I get so fricking tired of people that make a choice which is their right but seem for some reason to feel the need to sanctify that choice. I got into this with a guy at breakfast over computer operating systems. Different subject same principal. You choose to do something then make that choice, but don't try to make your choice superior because in over 99% of that time it ain't!

 

@x1Heavy - I fully agree cash is king. I also didn't think about 'back in the day'. Even 15 years ago getting physical cash while traveling was an expensive PIA. I also get protecting cash with the card,and protecting home finances from road calamities. If the fuel card is your only option to do that it makes sense. But there are other, cheaper options.

And like you I get freaked out getting large sums of cash handed to me at a truck stop. Heck I don't even like getting large amounts from the bank, but at least the bank has less looky-loos.

@Exrayman4000 - I'm not sure what I've said that has upset you. I'm not sanctifying my choice, I'm searching for knowledge. I've stated my position and rational and asked for the counter point. There may be facts I'm not aware of. Some companies may have no fees if you're paid on Comdata, or there may be ways around the fees, or some other benefit that is unknown to me. As new information is presented I'll ask clarifying questions, some of which may challenge the underlying belief. Asking and challenging isn't necessarily denigrating the thought or the person. In searching for "Truth" I think it is necessary to doubt and challenge assertions and thoughts.

 

Extryman4000, Ive learned to value your posts. Helps me ponder a bit better. Ty.

Gentleroger, Whatever happens, I hope it does never turn into a mark of beast situation. It would be hard.

Im finished here, any more thoughts I would repeat myself. Good converstation. Hope some of this helped you all.

 

Actually after spending several hours in the ER getting my head sewed up after an atonic seizure today im in a crabby mood anyway. One reason I kept so much money on my EFS card was I was paying some of my mothers prescription costs. I once had to send almost $1500 home in an EFS code so my sister could get my moms prescriptions and pay some bills. I once stupidly locked myself out of my tractor one night after getting out to take a leak ( and no i did not log a potty break) I had just got my last new tractor and had not put an extra key. My wallet was in the truck and try as I might I could not get in. I finally had a locksmith called out and this locksmith charged me almost $200 he would not take checks and I had about $20 in my wallet. I did have emergency cash but decided to get an EFS code. I also once was in Dallas and my debit card stopped working. Because all of my plastic was tied together my regular visa card also was declined. I had almost $100 worth of goods and did not want to walk out to my truck to get my emergency cash out of my brief case. It cost me a few bucks but I had that backup. Everybody makes choices, I chose to keep a few bucks on my fuel card. Just like I chose to not run a CB and not listen to all the myths , lies and hyperbole being spewed in the TS's.